GBP/JPY pauses sell-off, regains 100-DMA and beyond

 The pound is seen making minor-recovery attempts versus its Japanese counterpart over the last hour, lifting GBP/JPY from three-day troughs struck at 138.55.

Suffers from broad based USD rally

The immense selling pressure seen behind the cross can be mainly attributed to the GBP/USD sell-off, as the US dollar extends the recent bullish run and rallies hard against most of the majors.

However, over the last hour, the spot staged a tepid-bounce, in wake of the extension of gains in USD/JPY, which offered some respite to the cross. Next of note for GBP/JPY remains the US JOBS job openings data, which may provide fresh incentives on the US dollar, eventually impacting both the GBP and JPY.

The spot is last seen exchanging hands at 138.98, still down -0.24% on the day.

GBP/JPY Technical Levels

A break above 139.75 (daily pivot) would open the doors to 140 (zero figure) and then to 140.37 (daily R1). On the lower side, a breach of 138.55 (daily low) could yield a sell-off to 138.09 (daily S2). A violation there would expose strong support at 137.50 (key support).