GBP/JPY Technical Analysis: bearish close below 23.6% Fib

• GBP/JPY closed below 141.50 (23.6% Fib R of 130.70/144.84) yesterday, reinforcing the bearish view put forward by the descending 5- and 10-day moving averages (MAs), 14-day RSI’s dip below 50.00.  
• The pair fell 0.84 percent yesterday, validating the bearish pressure highlighted by the long-tail attached to the previous day’s candle.  
• The pair, therefore, risks falling to the psychological support of 140.00 in the next day or two.  
• The bearish setup would be invalidated if the pair violates the bearish lower high with a move above 143.34 (Wednesday’s high).  

Daily chart

Trend: Bearish