On May 3rd, the GBPJPY pair initiated the depicted bearish movement channel around 146.45
On March 21st, another visit towards the upper limit of the same channel (141.70) was demonstrated.
Since then, the depicted downtrend/channel has been intact until June 4 when the pair failed to achieve a new low below 136.50. This was followed by a bullish breakout off the depicted bearish channel.
Moreover, a short-term uptrend line was established around the same Price levels (136.50) until June 12 when the latest bearish pullback was initiated towards 136.50 (23.6% Fibonacci Expansion) then 135.44 (78.6% Fibonacci Expansion).
Recently, obvious bullish recovery has been manifested. Bullish persistence above 136.50 is currently being demonstrated on the H4 chart.
Technically, a quick bullish advancement should be expected towards 138.00 initially where the backside of the broken uptrend is currently located.
On the other hand, H4 re-closure below 136.50 hinders any bullish momentum enhancing the bearish side of the market towards 135.44 and probably 135.03 for further retesting.
Short-term outlook remains bullish as long as bullish persistence above 136.50 is maintained on the H4 chart.
Conservative traders can wait for the current bullish breakout above 136.95 to be confirmed as a valid BUY entry.
Initial Target levels should be located around 137.80 and 138.50.
Any bearish breakdown below 136.00 invalidates the mentioned bullish scenario.