GBP/JPY technical analysis: Key HMAs/23.6% Fibo. cap the upside around 135.72/74

• 100/200 HMA and 23.6% Fibonacci retracement limit the GBP/JPY pair’s immediate rise.
• The 135.49 acts as close support to the pair amid declining RSI.

GBP/JPY carries its dip beneath the key hourly moving averages (HMA) and Fibonacci retracement as it trades near 132.65 during early Monday.

Given the quote’s sustained trading below 100 and 200 HMA, not to forget 23.6% Fibonacci retracement of late-June swing high to last week's low, chances of its further downpour can’t be denied.

Adding to the pair’s weakness could be gradually declining but not oversold levels of 14-bar relative strength index (RSI).

With this, recent low surrounding 135.49 acts as immediate support for the pair, a break of which can recall monthly bottom near 135.08 and 135.00 round-figure.

In a case prices slip under 135.00 mark, bears can aim for January month trough close to 132.40.

Meanwhile, an upside clearance of 135.72/74 resistance confluence can push buyers to confront 6-day old descending trend-line around 136.00.

If at all the upside momentum crosses 136.00, current month high near 136.16 and 50% Fibonacci retracement around 136.43 may gain bull’s attention.

GBP/JPY technical analysis

Trend: Bearish