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GBP/JPY’s pullback from the recent high of 148.57 has taken the shape of a bull flag – a bullish continuation pattern, which often ends up accelerating the preceding bullish move.  

A move above 147.26 would confirm a flag breakout on the 4-hour chart and open the doors to re-test of 148.57 (March 1 high). The RSI on the 4-hour chart seems to have bottomed out below 50, meaning there is plenty room for a rally on potential flag breakout.  

The bullish case would weaken if the flag low of 146.61 is breached.  

4-hour chart

Trend: Bullish above 147.26