GBP/JPY Technical Analysis: Bulls looking to extend intraday positive move beyond 200-hour SMA

   •  The cross reversed an early dip to the 144.00 handle and turned higher for the third consecutive session on Tuesday, albeit struggled to extend the momentum further beyond 200-hour SMA.

   •  This is closely followed by a resistance marked by 38.2% Fibonacci retracement level of the 147.00-143.77 recent downfall, which might now act as a key trigger for short-term bullish traders. 

   •  Technical indicators on hourly charts have been gaining positive traction but maintained their bearish bias on the daily chart and turned out to be the only factor capping any further up-move.

   •  Hence, it would be prudent to wait for a sustained move beyond the mentioned barrier, around the key 145.00 psychological mark, before traders start positioning for additional gains.

GBP/JPY 1-hourly chart