• GBP/JPY eases from the short-term resistance line
  • 100 HMA directing bears to the monthly low.

GBP/JPY trades -0.05% at 136.56 before the UK open on Tuesday. Monday saw the pair rally to a 4-day high. However GBP/JPY failed to break above  a descending trend line from October 11.

The pair then attempted to bounce off 100-HMA but failed to push past-136.77, sending the pair back down towards the HMA level of 136.43.

The RSI favours the bears, so the pair could remain under pressure  below 136.43 with 136.00 as the next target.

Beyond 136.00 sees  support at 135.40 and then the monthly low of 135.05.

Meanwhile a push above the mentioned resistance line, at 137.20 now, could see GBP/JPY bulls target the monthly high near 137.85 before attacking the 138.00 round-figure.