FXStreet (Mumbai) - The GBP/JPY daily chart now shows a Doji candlestick formation indicating indecisiveness on the pair of the traders. Eyes hourly 50-MA The cross was offered at a high of 166.79 and fell back below the hourly 50-MA and to a low of 164.85 before recovering to trade around 165.80 levels. The cross has its eye set once again on the hourly 50-MA now seen at 166.13 levels. The uptick in the European equities made sure the bid tone around JPY weakened and that triggered a recovery in the cross. GBP/JPY Technical Levels The immediate resistance is seen at 166.13 (hourly 50-MA). A break higher could see the cross test hourly 100-MA currently seen at 166.16. On the other hand, a break below 164.85 (daily low) would open doors for a slide to 163.98 (Jan 20 low). For more information, read our latest forex news.