GBP/JPY 4H Chart: Channel Up

After bottoming out at the 180.44 mark, the Sterling/Yen cross decided to recover and has already regained more than six figures since the beginning of this working week. Moreover, the bullish scenario is forecasted to be in place in the foreseeable future. In the past 24 hours GBP/JPY has traded sideways, but there is a high probability the cross will bounce off the daily pivot point and 55-hour SMA, which are placed somewhat below the 186 level. Meanwhile, 4H indicators are pointing upwards, meaning that we should see a rebound of the Pound soon. As for market sentiment, the current advantage of bears (51%) over bulls (49%) amounts to just two percentage points.