GBP/JPY Price Analysis: Bulls await a sustained move beyond 2-month old descending trend-line

• GBP/JPY consolidates last week’s strong positive move of over 200 pips.
• The technical set-up support prospects for a further appreciating move.

The GBP/JPY cross lacked any firm directional bias and was seen oscillating in a narrow trading band, above the 143.00 mark through the early European session on Monday.

Given last week's strong positive move of over 200 pips, the range-bound price action might still be categorized as a consolidation phase amid absent fundamental catalyst.

Meanwhile, technical indicators on hourly/daily charts have managed to hold with a mild positive bias and support prospects for an extension of the recent bullish momentum.

However, it will be prudent to wait for a sustained break through a two-month-old descending trend-line before positioning for any further near-term appreciating move.

Above the mentioned barrier, the cross seems all set to aim towards reclaiming the 144.00 mark before eventually darting to yearly tops, around the 144.50-60 supply zone.

GBP/JPY daily chart