GBP/JPY technical analysis: Corrects from 3-week tops, still above 130.00 mark

• The GBP/JPY cross traded with a mild negative bias through the early European session on Friday and eroded a part of the previous session’s strong upsurge to three-week tops.
• The overnight upsurge stalled near the top end of an ascending trend-channel, which seemed to constitute towards the formation of a bearish continuation – flag chart pattern.

Hence, it will be prudent to wait for a sustained break through the mentioned barrier before confirming that the cross might have actually bottomed out in the near-term and positioning for any further appreciating move beyond the 131.00 round figure mark towards testing the next major hurdle near the 131.45-50 region.
 
Meanwhile, technical indicators on the daily chart have been recovering from the bearish territory but struggled to gain positive traction. Moreover, oscillators on hourly charts have been losing upside momentum – though maintained their positive bias – and further warrant some caution before placing any fresh bullish bets.
 
A follow-through retracement below the key 130.00 psychological mark will reaffirm the trend-channel resistance and prompt some fresh selling, turn the cross vulnerable to accelerate the slide back towards an intermediate resistance near the 129.55 region en-route 129.25-20 horizontal support and the 129.00 round figure mark.

GBP/JPY 4-hourly chart