GBP/JPY Technical Analysis: Spikes through 100-hour SMA/23.6% Fibo. confluence region

   •  The cross stalled its recent rejection slide from the 147.00 handle and once again showed some resilience below the 144.00 mark, a strong horizontal support held over the past two months or so.

GBP/JPY daily chart

   •  A modest bounce from the mentioned support has now lifted the cross beyond 100-hour SMA, coinciding with 23.6% Fibonacci retracement level of the 147.00-143.77 recent downfall.

1-hourly chart

   •  Technical indicators on hourly charts have been gaining positive traction and support prospects for additional gains towards 38.2% Fibo. level, around the key 145.00 psychological mark.

   •  Meanwhile, oscillators on the daily chart maintained their bearish bias and warrant some caution amid the lack of progress in the UK cross-party Brexit talks and ahead of this week's key event risks.

Technical levels to watch