GBP/JPY technical analysis: Bearish continuation pattern spotted on short-term charts

• Continued with its struggle to sustain above the 130.00 handle.
• Short-term technical set-up remains in favour of bearish traders.

The GBP/JPY cross remained well within a broader trading range held over the past two weeks or so and has been oscillating between two converging trend-lines, forming a symmetrical triangle on short-term charts.
 
The symmetrical triangle usually forms during a trend as a continuation pattern - bearish in this case - but sometimes marks important trend reversals and thus, warrant some caution before initiating fresh bearish bets.
 
With technical indicators on hourly/daily charts holding in the negative territory, bearish traders are likely to retain their dominant position amid growing fears that the UK will crash out of the European Union on October 31.
 
However, it will be prudent to wait for a sustained break through the triangle support, currently near the 129.25 region, and a subsequent weakness below the 129.00 handle before positioning for a further depreciating move.
 
Below the mentioned handle - nearing 100-period SMA on the 4-hourly chart - the cross seems all set to accelerate the slide towards testing the 127.70-60 horizontal zone with some intermediate support near the 128.30-20 region.
 
On the flip side, the top end of the symmetrical triangle - around the key 130.00 psychological mark - should act as a key barrier, which if cleared might trigger a short-covering bounce towards the 130.70 region en-route the 131.00 handle.

GBP/JPY 4-hourly chart