GBP/JPY Technical Analysis: Intraday positive momentum challenges 200-hour EMA hurdle

   •  The cross, for the second straight session, showed resilience and staged a goodish rebound from 50% Fibonacci retracement level of the 142.77-149.49 recent upsurge. 

   •  Bulls managed to lift the cross back above 38.2% Fibonacci retracement level, albeit seemed struggling to extend the momentum beyond 200-hour Exponential MA (EMA).

   •  Meanwhile, technical indicators on the 1-hourly chart have been gaining positive momentum and thus, support prospects for an extension of the intraday bullish move. 

However, it would be prudent to wait for a sustained move beyond the mentioned barrier before traders start positioning for any further near-term appreciating move.

GBP/JPY 1-hourly chart