GBP/JPY technical analysis: 21-D EMA limits immediate downside

• 138.33, 61.8% Fibonacci retracement cap short-term advances.
• Sustained downside beneath 21-D EMA can recall latest lows on the chart.

Having breached 21-day exponential moving average (21-D EMA), GBP/JPY seems well inclined to extend its latest recovery as it takes the round to 137.55 during early Monday morning in Asia.

In doing so, June 11 top near 138.33 and 23.6% Fibonacci retracement of March to June month downpour near 138.51 are likely immediate resistances to watch.

Should prices manage to cross 138.51, 50-D EMA level of 139.22 and 140.00 round-figure may gain market attention.

On the downside break of 137.36 comprising 21-D EMA, the pair can recall June 04 low of 136.54 ahead of highlighting June end bottoms surrounding 135.80 and the previous month low near 135.37.

GBP/JPY daily chart

Trend: Bullish