- GBP / JPY rally remains capped below 150.00.
- The cross shows a bearish flag on the four-hour chart.
- The price is recovering from oversold levels.
GBP / JPY is attempting to pause its five-day downtrend, although the recovery remains limited at 150.00, remaining in neutral ground for the day.
A bearish flag formation is visible on the four-hour chart.
A sustained break below the trend support line at 149.30 is expected to confirm the bearish continuation pattern. This would enable a decline towards the 148.50 level.
GBP / JPY four hour chart
On the other hand, a consolidation above 150.08 could favor a significant recovery towards the 21-day SMA at 151.10. Before that level, there is the important barrier of 150.50.