• GBP/JPY bulls are in control, for the time being, and rising the trendline. 
• The bears are waiting for a move below the critical support structure. 

GBP/JPY has been breaking higher in the open on Monday and there are eyes for the 174.00s. However, for the near term, there are prospects of a correction and bears are waiting in the flanks for an opportunity to clean up the length that is vulnerable below 170.85 with 168.80 eyed. The following illustrates the market structures and bias on the weekly, daily and hourly charts.

GBP/JPY weekly chart

There is room for a move higher into weekly resistance while climbing the supporting trendline. 

GBP/JPY daily chart

The daily chart shows that the price is hugging the trend but the price is decelerating on the bid.

GBP/JPY hourly chart

This is where the near-term opportunity might evolve. The price is reaching higher, but should there be a break of structure, there is plenty of length for the price to work through on the downside below the recent lows as marked on the chart at 170.85 with 168.80 eyed.