There is still quite a bit of bearish sentiment for the GBP/JPY pair. Price has retested previous highs, back to 145. As we draw a fib, we can see that price is respecting the 23.6% fib area (see highlighted in yellow) especially given the long wicks. We could see price push through to a higher level, or we can see price push down to lower levels. Given the recent sentiment of the market and retracement activity, in addition to the descending 200 MA and the positioning of the other moving averages, I would lean towards bearish activity. However, I could be wrong. The market does what it does. I am a student always. Please trade at your own risk. This analysis is for study and educational purposes. Thanks for reading!