Recent bottoms were established around 169.55 and 171.05 (corresponding to the lower limit of the depicted bullish channel).
These bottoms prevented further bearish decline and provided enough buying pressure to keep pushing higher.
Yesterday, the bulls have reached the upper limit of the depicted channel located roughly at 173.30 where bearish recovery originated.
Signs of bearish domination are manifested on the 4H chart. That's why, the GBP/JPY pair remains bearish as long as price level of 173.40 remains defended by the bears.
On the other hand, a bullish breakout above this level exposes 173.90 and 174.50 to be visited shortly after.
The nearest demand level to meet the pair is located around 172.35 where a prominent broken-top is located.
The material has been provided by InstaForex Company - www.instaforex.com
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