• A break of the 156.00/10 structure to the downside would open the risk of an hourly continuation.
• Bulls note an inverse head & shoulders bullish chart pattern and a break of the neckline near 156.50.

As per the prior day's analysis, GBP/JPY Price Analysis: Bears move in on critical hourly support, the price broke to the downside on news relating to Russia but has since bounced back into the resistance area.

GBP/JPY prior analysis, 15-min chart

GBP/JPY live market, 15-min chart

The Russian headlines have been coming through thick and fast creating volatility in forex, especially in the yen. While the price has firmed, it is still within the bear's layer. 

GBP/JPY prior analysis, H1 chart

From an hourly perspective, the bears are focused on the downside target towards the midpoint of the 154's.

GBP/JPY inverse H&S H1 chart

The price can easily be rejected at this juncture and a break of the 156.00/10 structure to the downside would open risk of a continuation towards the hourly 154.50's target.

On the other hand, given the inverse head & shoulders bullish chart pattern, a break of the neckline near 156.50 could open prospects of demand through the 156.80's and with a focus on the rising channel again and prospects beyond the 157.20's.