GBP/JPY Price Analysis: 200-HMA guards immediate upside below 135.00

• GBP/JPY eases the early-Asian bullish bias despite flashing a four-day winning streak.
• Bullish MACD, sustained break of 12-day-old falling trend line keep buyers hopeful.
• 133.55/50 can offer strong downside support, a falling trend line from September 16 adds to the upside barriers.

GBP/JPY drops to 134.70, intraday low of 134.64, during the pre-Tokyo open trading on Monday. The Pound cross recently took a U-turn from 200-HMA while pouring cold water on the face of bulls. However, successful trading beyond the descending trend line from September 10, coupled with the bullish MACD keeps the buyers hopeful.

Hence, traders will wait for a clear break of an eight-day-long downward sloping trend line, at 135.00 now, to confirm the buying after the upside clearance of 134.80 level comprising 200-HMA.

In doing so, buyers can aim for 136.00 round-figures ahead of confronting the tops marked during September 18 and 14, respectively around 136.20 and 136.60.

Meanwhile, GBP/JPY sellers may target the re-test of the previous resistance line, currently near 133.90, during further downside.

It should, however, be noted that there are multiple supports close to 133.55/50 that can probe the bears looking to refresh the monthly low of 133.04.

GBP/JPY hourly chart

Trend: Pullback expected