GBP/JPY Price Analysis: Buyers remain hopeful above 133.20

• GBP/JPY snaps the previous two-day losses while flashing mild gains.
• A three-week-old ascending trend channel portrays the pair’s strength.
• The channel’s support, 200-bar SMA offer strong support.

GBP/JPY registers a swing inside the short-term rising trend channel while taking the bids to 134.75, up 0.25% on a day, during the initial hour of Tokyo open on Friday.

While the bullish technical formation favors the pair’s run-up, a one-week-old falling trend line near 135.35 can offer immediate upside barrier during the further recovery.

It should, however, be noted that the quote’s ability to cross 135.35 doesn’t allow it to rally beyond the said channel’s upper line, currently at 136.15.

On the downside, a confluence of 200-bar SMA and the channel’s lower line offers the key support around 133.20, a break of which could quickly recall March 20 high surrounding 132.00.

GBP/JPY four-hour chart

Trend: Bullish