GBP/JPY staged a modest intraday recovery of around 80 pips from the 50% Fibo. level. The set-up still favours bearish traders and supports prospects for additional weakness. Hence, any subsequent move up might still be seen as an opportunity for bearish traders. The GBP/JPY cross once again showed some resilience below the 50% Fibonacci level of the 124.07-142.72 move up and staged a goodish rebound from the vicinity of the 133.00 mark. Technical indicators on the daily chart are still pointing to near-term oversold conditions and seemed to be the only factor that prompted some short-covering move. The cross rallied around 80 pips from daily swing lows, albeit seemed struggling to capitalize on the momentum. The lack of any strong follow-through buying suggests that the near-term bearish pressure might still be far from being over. This coupled with the fact that the cross is holding well below its important daily moving averages – 50, 100 and 200-day SMAs – favours bearish traders. Hence, any subsequent move up might still be seen as a selling opportunity and remain capped near the 134.55-60 horizontal resistance. That said, some follow-through selling might still push the cross beyond the key 135.00 psychological mark, towards the very important 200-day SMA. On the flip side, the 133.15-133.00 region might continue to protect the immediate downside. A convincing breakthrough will be seen as a fresh trigger for bearish traders and pave the way for a further near-term depreciating move towards 61.8% Flevel, around the 131.75-70 area. GBP/JPY daily chart Technical levels to watch FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Clarida: Additional fiscal support will likely be needed for US recovery FX Street 2 years GBP/JPY staged a modest intraday recovery of around 80 pips from the 50% Fibo. level. The set-up still favours bearish traders and supports prospects for additional weakness. Hence, any subsequent move up might still be seen as an opportunity for bearish traders. The GBP/JPY cross once again showed some resilience below the 50% Fibonacci level of the 124.07-142.72 move up and staged a goodish rebound from the vicinity of the 133.00 mark. Technical indicators on the daily chart are still pointing to near-term oversold conditions and seemed to be the only factor that prompted some short-covering move. The cross rallied… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.