GBP/JPY Price Analysis: Bulls looking for a discount within the bull trend

• GBP/JPY is bearish while on the front side of the bear trend.
• Bulls will need to get on the backside of the bear trend and break 163.50 horizontal resistance thereafter. 

GBP/JPY holds in bullish territories on the longterm outlook but is currently offered toward trendline support as the following will illustrate. 

GBP/JPY daily charts

The price is in a bull trend and the M-formation might serve as a basis for bulls to get long on the front side of the trendline again. It is a reversion pattern that could see the price pulled into the neckline. However, that is not to say that there will not be more downsides to come in the coming days first of all. 

GBP/JPY H4 chart

The bearish wick on the prior 4-hour candle could well be filled in the next session or so. 

GBP/JPY M15 chart

The price is bearish on the front side of the bear trend and a filling of the 4-hour wick will mitigate a price imbalance on the 15-minute chart for a restest of 163 the figure. Bulls will need to get on the backside of the bear trend and break 163.50 horizontal resistance thereafter.