After failing to push above 148 in July, GBP/JPY has been retreating. But after tagging a low of 139.31, GPB/JPY looks like it has completed a price bottom, and might be heading back up towards the 148-150 area. GBP/JPY Daily Chart(click to enlarge)Bullish Reversal:- The technical analysis in the 4H chart shows a possible bullish reversal.- First of all, price action in the last week or so looks like a roudned bottom. - The RSI has pushed above 60, which is a sign that the prevailing bearish momentum has died. - The bullish reversal scenario would become even more likely if price holds abve 141 upon a subsequent pullback.- Also, the 4H RSI should hold above 40 in the short-term bullish scenario towards 148.- A break below 140.50 should prompt us to revisit the bullish outlook, and instead anticipate a bearish one. Upside:- As noted earlier and seen ont he daily chart, price will face resistance above 148. - Above 148-150, the next significan resistance will likely be around 160.GBP/JPY Daily Chart(click to enlarge)