GBP/JPY Technical Analysis: Bounces off a short-term descending trend-channel support
|• The cross stalled overnight sharp rejection slide from 100-hour SMA and showed some resilience near a short-term descending trend-channel support.
• The mentioned channel extends from the 147.00 handle, touched on April 15, and might now act as a key pivotal point for the pair's near-term trajectory.
• Meanwhile, technical indicators maintained their bearish bias on hourly/daily charts and support prospects for an eventual near-term bearish breakdown.
• A convincing break through the channel support, currently near the 144.40 region, would expose two-month-old horizontal support near the 143.80-70 region.
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