The GBP/JPY is exactly at the POC zone which is very close to the top of the megaphone pattern.
The price could be dropping from the 139.70-80 zone straight down towards the D L3/W H4 zone. We should see a nice slide lower if the pattern is respected. 138.99 is the first target and a strong 4h or daily close below should imply a continuation towards 138.23 and 137.57. However, if the price breaks above 140.20, the pattern will become even more over-extended to the upside which is not a good sign for bears.
