GBP/JPY 4H Chart: Channel Up

Firstly, the currency pair has recently bounced off the support created by the lower boundary of the channel and the 200-period SMA. Secondly, the four-hour and one-day technical indicators are pointing upwards, implying that a recovery from a local low of 147.62 is not yet exhausted. The rally is thus likely to extend up to the weekly R2 at 155.87, which is also the current location of the upper rising line.