FX.co ★ Intraday technical levels and trading recommendations on GBP/JPY for June 23, 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.

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

Signs of bearish recovery 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.

It's a must that the bears defend their 4H closure below 173.30 in order to pursue towards further bearish targets.

The nearest demand level located around 173.45 is being invalidated with such bearish 4H candlestick closures then the pair has 172.40 where previous broken-tops are located.