GBP/JPY Technical Analysis: Selling pressure to reemerge on a sustained break below 142.00 handle

   •  The overnight post-BoE goodish bounce from support marked by the lower end of a short-term descending trend-channel ran out of steam near 200-hour EMA.

   •  A subsequent slide to sub-142.00 level, below 50-hour SMA, reinforced the rejection slide, though traders still seemed reluctant to initiate fresh bearish positions.

   •  Neutral technical indicators on hourly/daily charts have failed to provide any fresh directional impetus and now seems to suggest indecision over the pair’s near-term trajectory.

   •  Hence, it would be prudent to wait for a convincing break through the mentioned range (200-hour EMA-142.00 handle before traders start placing near-term directional bets. 

GBP/JPY 1-hourly chart