GBP/JPY Technical Analysis: Bulls await a sustained break through 3-week old descending trend-channel

   •  The cross built on Friday's goodish bounce from the 141.00 round figure mark and is currently placed at the top end of over three-week-old descending trend-channel.

   •  Technical indicators on 4-hourly/daily chart have again started gaining positive traction and support prospects for an extension of the ongoing bullish trajectory.

GBP/JPY 4-hourly chart

   •  Moreover, the fact that the cross is holding comfortably above important intraday moving averages - 50, 100 & 200-hour SMAs, add credence to the constructive outlook.

   •  However, traders are likely to wait for a convincing breakthrough the channel hurdle before positioning for further up-move amid slightly overbought conditions on the 1-hourly chart.

1-hourly chart

Technical levels to watch