GBP/JPY technical analysis: 137.80/90 holds the gate for further upside

• Multiple high/lows limit immediate advances.
• Overbought RSI highlights short-term support-line.

With the recent moves in market risk-sentiment and the pair’s gradual recovery from 137.00, GBP/JPY presently seesaws near 137.70 during the initial Asian session on Friday.

The quote remains close 137.80/90 horizontal-area comprising late-May lows and highs marked since the June start. Also, 14-bar relative strength index (RSI) is near to overbought territory.

In a case prices rally past-137.90 resistance, 61.8% Fibonacci retracement of a latest downturn at 138.45 and May 30 high around 138.75 could mark their presence on the chart.

Additionally, pair’s sustained trading above 138.75 enables it to claim 139.00 and 139.65 numbers to the north.

Meanwhile, an upward sloping trend-line since Tuesday, at 137.13, may limit immediate declines ahead of highlighting recent bottom around 136.50 and 136.00 round-figure.

GBP/JPY hourly chart

Trend: Pullback expected