FX.co ★ Intraday technical levels and trading recommendations on GBP/JPY for June 20, 2014

Recent bottoms were established around 169.55 and 171.05 (corresponding to the lower limit of the depicted bullish channel).

These bottoms paused the ongoing bearish momentum and provided enough buying pressure to keep pushing higher.

Today, the bulls have reached the upper limit of the depicted channel located roughly at 174.60 where bearish recovery originated.

Signs of bearish domination are quite manifested on the 4H chart. That's why, the GBP/JPY pair remains bearish as long as price level of 174.60 remains defended by the bears.

The nearest demand level to meet the pair is located around 173.45 then 172.40 where previous broken-tops are located.