GBP/JPY Technical Analysis: Any meaningful up-move likely to get sold into

   •  The cross broke out of its Asian session consolidation phase and was now seen building on overnight goodish rebound from the 141.00 neighbourhood, or 3-1/2 month lows.

   •  Comments by Irish foreign minister Simon Coveney triggered a bit of short-squeeze in the British Pound and turned out to be one of the key factors driving the cross higher.

   •  A sustained move above 20-hour SMA triggered some intraday positive momentum, though 61.8% Fibonacci retracement level of the overnight downfall capped further gains.

   •  Mixed technical indicators on the 1-hourly chart have just started moving out of the negative territory but maintain their bearish bias on 4-hourly/daily charts.

   •  Hence, any subsequent up-move seems more likely to get sold into as focus shifts to the latest UK employment details and the UK PM May's meeting today with the EU officials.
 

GBP/JPY 1-hourly chart