GBP/JPY Technical Analysis: 147.66 is a strong support

GBP/JPY pair is currently trading at 148.27, having persistently defended 147.66 (23.6% Fib R of 143.72/148.78) over the second half of the last week. 

4-hour chart

As seen above, the pair defended the key Fib level with long-tailed doji candles - a sign of dip demand. So far, however, the bounce has been shallow. 

That said, a bearish reversal on the 4-hour chart would be confirmed if and when the pair finds acceptance under 147.66. That would expose the support at 144.73 - trendline connecting the Jan. 4 and Feb. 15 lows. Also note, that the rising trendline support would shift to 145.00 and above in the next few days. 

Trend: Bearish below 147.66