With the recent spikes in GBP/JPY it seems to be trying very hard to stay strong and not lose ground.Overall on a bigger time frame.Trend is sideways but the range is quite large [152-164] Recently we broke below the T.L support from April 7th but Pound managed to move back above the T.L support quite sharply in a matter of 48 hours.So a break below current H4 low and I believe it should fall back to retest the T.L support once more.In the second scenario Pound may very well continue to rally against Yen and retrace as much as 61.8% by moving all way up to 159.66 and we could see a reversal and continuation in the bearish trend as price could take a turn to the downside.In the 3rd scenario.We may see the price action continue both ways north and south inside the consolidative structure....
Let me know what you guys think ? I am looking to go short but so far no signs of top formations on smaller time frames.