GBP/JPY Price Analysis: The pound fails at 133.00 again

• GBP/JPY rally is rejected at 133.00 level for the fourth time in May.
• The pair retreats to 131.85  amid broad-based pound's weakness.

Sterling’s rally from 130.65 lows last week has been unable to extend beyond the 133.00 level, for the fourth time so far this month, and the pair has staged a sharp reversal on Wednesday, reaching prices below 132.00 amid broad-based pound weakness.

The pair has lost nearly 1% so far today and is seeking support at the 20-day SMA at 131.85 at the moment of writing. Below here, GBP might find buyers at intra-day lows 131.65. A convincing break of that level would strengthen the bears, pushing the GBP/JPY 131.00 and May 22 low at 130.65.

On the upside, the pound should break above 133.00 to maintain the near-term positive trend intact. Above 133.00, next targets would be 133.75 (April 23 high) and 134.53 (50% retracement of the February-March decline).

GBP/JPY 4-hour chart