GBP/JPY Price Analysis: 133.40/50 guards immediate upside

• GBP/JPY confronts short-term key resistance confluence.
• The weekly rising trend line restricts the immediate downside.
• Higher low formation keeps buyers hopeful but MACD teases the bears.

GBP/JPY struggles to extend the previous two-day recovery moves while taking rounds to 133.30 during the initial hour of Tokyo open on Tuesday.

In doing so, the pair confronts a confluence of 10-day SMA and a fortnight-old descending trend line. Also questioning the buyers are MACD conditions.

Even so, higher low formation during the last three-days seems to push the bulls towards breaking 133.40/50 resistance confluence, which in turn will push the quote towards the March month high near 134.80.

Should there be a clear run-up past-134.80, the monthly high near 135.75 might lure the buyers.

Meanwhile, a downside break below the adjacent support line, at 132.75 now, could recall sellers targeting the monthly bottom close to 131.90 and then drag the pair further towards 130.00 psychological magnet.

GBP/JPY daily chart

Trend: Sideways