GBP/JPY Technical Analysis: Drops to over 1-week lows, near ascending trend-channel support

   •  The cross extended this week's retracement from a resistance marked by the top end of an ascending trend-channel, held since the beginning of this month.

   •  The corrective slide from near two-month tops extended for the third session in the previous four and has now dragged the cross to over one-week lows. 

   •  Technical indicators on hourly charts have been gaining negative momentum and support prospects for further weakness towards the trend-channel support.

   •  The mentioned support coincides with 100-period EMA on the 4-hourly chart and should help limit further downside amid bullish oscillators on the daily chart.

   •  Meanwhile, a convincing breakthrough the trend-channel support will mark a near-term bearish break and pave the way for an extension of the ongoing downfall. 

GBP/JPY 4-hourly chart