GBP/JPY technical analysis: Reverses an early dip to ascending trend-channel support

• Overbought conditions on 4-hourly/daily charts might cap any attempted positive move.
• A sustained break below trend-channel support might negate any near-term bullish bias.

The GBP/JPY cross retreated further from multi-month tops set in the previous session and edged lower on the last trading day of the week, albeit has now managed to reverse an early dip to levels below mid-139.00s.
 
The intraday slide managed to find some support near the lower end of a short-term ascending trend-channel, extending since the beginning of this week, which should act as a key pivotal point for short-term traders.
 
Meanwhile, technical indicators on daily/4-hourly charts are still pointing to overbought conditions and should hold investors from placing any fresh bullish bets ahead of Saturday’s special UK Parliament session on Brexit.
 
Hence, any subsequent move up seems more likely to confront some fresh supply near the 140.60 region and eventually cap the cross near the 141.00 round-figure mark amid speculations that the Brexit deal will be rejected by UK MPs.
 
On the flip side, the trend-channel support, currently near the 139.45-40 region, might continue to protect the immediate downside, which if broken might negate any near-term bullish bias and prompt some fresh technical selling.