GBP/JPY technical analysis: 8-day old resistance-line cap upside below 23.6% Fibo.

• GBP/JPY remains capped below 23.6% Fibonacci retracement with a near-term descending trend-line offering additional resistance.
• 128.00 becomes the key support that holds the key towards 2017 low.

Despite recovering from near 128.00 round-figure, GBP/JPY fails to overcome short-term resistance-line as it takes the rounds to 129.46 during the early Asian session on Wednesday.

The quote needs to surpass an eight-day long descending trend-line, at 129.88 now, to visit 23.6% Fibonacci retracement of one-month declines since early July, at 130.00 now.

Should prices break 130.00 psychological magnet, a successful rise past Friday's high of 130.24 will act as a validation point to the quote’s run-up towards 131.61 and 61.8% Fibonacci retracement level of 133.16.

Meanwhile, 129.15 acts as nearby support ahead of the 128.00 key turning point, which if ignored can divert bears towards the year 2017 low around 125.62.

GBP/JPY 4-hour chart

Trend: Bearish