GBP/JPY pair is currently trading at 148.27, having persistently defended 147.66 (23.6% Fib R of 143.72/148.78) over the second half of the last week.
4-hour chart
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As seen above, the pair defended the key Fib level with long-tailed doji candles – a sign of dip demand. So far, however, the bounce has been shallow.
That said, a bearish reversal on the 4-hour chart would be confirmed if and when the pair finds acceptance under 147.66. That would expose the support at 144.73 – trendline connecting the Jan. 4 and Feb. 15 lows. Also note, that the rising trendline support would shift to 145.00 and above in the next few days.
Trend: Bearish below 147.66
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