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 each time the pair visited them and provided enough buying pressure to keep pushing higher.
On Friday, the bulls have reached the upper limit of the depicted channel located roughly at 174.60 where bearish pressure was expressed obviously.
Signs of bearish recovery are quite manifested on the 4H chart. That's why, the GBP/JPY pair remains bearish as long as the recent high around 174.00 remains defended by the bears.
The bears need to keep their 4H closure below 173.30 in order to pursue towards further bearish targets.
Demand zone located around 173.45 was successfully breached with such bearish 4H candlestick closures, while the pair has the next demand level around 172.40 where previous broken-tops are located.
Note the bullish pressure expressed at 172.40 earlier today when the bears challenged yesterday's low around 172.70. Prominent bullish rejection is manifest on the chart so SELLERS should be conservative with their targets. However, if the bears manage to breakdown zone between 172.20 - 172.40, sellers should extend their targets towards 171.80 where the key-demand zone of the current swing is located.
The material has been provided by InstaForex Company - www.instaforex.com
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