GBPJPY has recovered from the latest selloff, but the rebound has not yet changed the underlying market structure.

The broader direction remains bearish. Price continues to trade beneath a descending trendline, the sequence of lower highs is still intact, and the latest recovery has reached the same area where sellers previously regained control.

That distinction matters.

A rebound shows that selling pressure has temporarily eased. A reversal requires buyers to break the structure that produced the decline. So far, GBPJPY has achieved the first condition but not the second.

Momentum has improved from the recent low, although the recovery is beginning to lose efficiency as price approaches trend resistance. The advance has become slower, candles are compressing, and buyers have not produced the impulsive continuation normally associated with a genuine change in control.

The primary scenario therefore remains bearish while price stays below the descending resistance line. A rejection from the current area would preserve the lower-high sequence and increase the probability of another move toward the lower boundary of the trend.

The alternative scenario requires more than a temporary move above resistance. Buyers would need to break the descending structure, hold above it and prevent the next pullback from returning immediately into the previous range. That would be the first credible evidence that the bearish trend is losing control rather than simply pausing.

Invalidation: Sustained acceptance above the descending trendline, followed by the formation of a higher low, would invalidate the immediate bearish continuation thesis.

The prevailing direction remains bearish, but momentum is no longer accelerating. Sellers retain structural control while buyers are testing whether the latest recovery can develop into something more meaningful.

Until that test produces confirmation, the rebound remains a lower-high recovery inside an established bearish trend.