GBP/JPY Price Analysis: Mildly offered below 136.00 but buyers stay hopeful

• GBP/JPY snapped six-day winning streak on Thursday, stays pressured afterward.
• 200-hour EMA, weekly support line probe bears amid normal RSI conditions.
• An ascending trend line from Monday can tame bullish moves past-137.00.

GBP/JPY drops to 135.88, down 0.12% intraday, during the early Friday. In doing so, the pair remains on the back foot for the second day after pausing the run-up since September 23 on Thursday.

Even so, 200-hour EMA and more than a week old upward sloping trend line, respectively around 135.50 and 135.30, are likely to challenge the quote’s further declines. It should be noted that the RSI conditions also suggest a lack of bearish bias.

If at all the GBP/JPY sellers dominate past-135.30, the 135.00 threshold and multiple supports near 134.80-65, marked during September 23 and 25, can question the pair’s additional weakness.

Meanwhile, the 136.00 round-figure and 136.60 can restrict the short-term upside of GBP/JPY ahead of the monthly high of 137.01.

Also acting as an upside barrier is an ascending trend line from September 28, at 137.16, that holds the key to the pair’s run-up towards August month’s low of 137.75.

GBP/JPY hourly chart

Trend: Pullback expected