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The GBP/JPY pair crashed and now is located at 181.29 at the time of writing. As you can see on the H1 chart, the rate drops within a down-channel pattern. As long as it stays below the downtrend line, the price could extend its drop.
Escaping from the previous up channel announced a potential downward movement. The former low of 181.40 represents a downside obstacle. Now it is challenging this level.
Dropping and stabilizing above 181.40 activates more declines. This scenario could help the sellers to catch a larger drop. The down channel's downside line represents a potential target.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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