GBP/JPY stages a goodish intraday bounce from the vicinity of 200-hour SMA. Mixed technical indicators on hourly/daily charts warrant some caution for bulls. The GBP/JPY cross managed to find decent support near the key 135.00 psychological mark and rallied over 120 pips from four-day lows set earlier this Friday. The mentioned level represents 200-hour SMA and should now act as a key pivotal point for short-term traders. Meanwhile, technical indicators on hourly charts have again started gaining positive traction and support prospects for additional intraday gains. However, oscillators on the daily chart – through have been recovering from the negative territory – are yet to confirm the bullish bias and warrant some caution. Hence, any subsequent positive move is more likely to confront stiff resistance near the very important 200-day SMA, around the 136.70-80 region. The said hurdle coincides with the 38.2% Fibonacci level of the 142.72-133.05 recent pullback, which if cleared will be seen as a fresh trigger for bullish traders. The GBP/JPY cross might then aim to test the 137.55-60 intermediate resistance before eventually climbing further towards the 50% Fibo. level, around the 138.00 round-figure mark. On the flip side, the 23.6% Fibo. level, around the 135.35 region, now seems to protect the immediate downside. Some follow-through selling might accelerate the slide back towards the 135.00 mark (200-hour SMA), below which the GBP/JPY cross seems all set to resume its recent bearish trajectory. GBP/JPY 1-hourly 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 The view of a Democrat win as being negative for equities is questionable – MUFG FX Street 2 years GBP/JPY stages a goodish intraday bounce from the vicinity of 200-hour SMA. Mixed technical indicators on hourly/daily charts warrant some caution for bulls. The GBP/JPY cross managed to find decent support near the key 135.00 psychological mark and rallied over 120 pips from four-day lows set earlier this Friday. The mentioned level represents 200-hour SMA and should now act as a key pivotal point for short-term traders. Meanwhile, technical indicators on hourly charts have again started gaining positive traction and support prospects for additional intraday gains. However, oscillators on the daily chart – through have been recovering from the negative… 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.