GBP/JPY Price Analysis: Drops below 160.00 on bearish spinning top candle near multi-day high

• GBP/JPY extends pullback from six-year high, takes offers to refresh intraday low of late.
• Bearish candlestick, overbought RSI hints at further weakness.
• 10-month-old rising trend line limits immediate upside ahead of May 2016 peak.

GBP/JPY takes offers to refresh intraday low around 159.70, down 0.20% on a day during Thursday’s Asian session.

In doing so, the yen cross justifies the previous day’s bearish spinning top candlestick, as well as overbought RSI, to extend pullback from a six-year high.

That said, the quote’s latest weakness directs bears towards the previous resistance line from October 2021, around 157.30. However, the last year’s high of 158.21 may act as an intermediate halt.

Should the GBP/JPY prices drop below 157.30, the sellers may not hesitate to revisit the early March’s swing high near 155.25.

Meanwhile, the pair’s further upside momentum will initially be challenged by an ascending resistance line from May 2021, around 160.55 by the press time.

Following that, the latest high near 161.10 and May 2016 top surrounding 163.90 will be on GBP/JPY bull’s radar.

GBP/JPY: Daily chart

Trend: Further weakness expected