GBP/JPY Price Analysis: Bears run into a key daily support, bulls could be lurking

• GBP/JPY is under pressure due to a strong yen.
• The bulls could be encouraged to move in at this juncture. 

GBP/JPY is challenging a familiar horizontal support area on the daily chart following a strong bearish impulse. The price, however, could be due for a correction as the following analysis illustrates. 

The daily chart shows that the price has been riding along trendline support but has failed to take off beyond 168.90s. Consequently, the price has been pressured into a family horizontal support guarding the trendline. 

GBP/JPY M-formation

GBP/JPY has left behind an M-formation which is a reversion pattern. This exposes the M-formation's neckline to a potential retest for the days ahead should the bulls commit from this prior area of support.