Just a mapped out chart of the GBP/JPY possible scenarios.
Updated
We are in a downtrend though the price seems to have found itself in a range and so it has created a double bottom pattern on the H1 and H4 zone and it has bounced back with momentum meaning the bulls have taken control of the market. Price may break the major resistance/supply zone or reject and move down back to the demand zone.
Note
The major trend was a downtrend price consolidated at the major H4 demand zone before allowing the bulls to take over from the bears, the demand zone was tapped three times by the bears before reversing the overall structure is an new uptrend,possible doubletop formation before price can resume with overall trend or it may just break the demand zone and retest it in order to keep moving up since it just got rejected by a key demand zone where lots of buy orders were concentrated.
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