The GBP/JPY pair recovered from the low of 165.28 to trade around 116.20; reportedly due to Bank of Japan old school intervention in the FX markets. Eyes hourly 50-MA The cross has its eyes set on the hourly 50-MA located at 166.60 levels. The major equity index futures across Eurozone began the day on a positive note and that could strengthen the offered tone around JPY. Sterling traders would keep an eye on the UK manufacturing production due later today. The broader market sentiment could also be influenced by Yellen testimony. GBP/JPY Technical Levels The immediate resistance is seen at 166.60 (hourly 50-MA), above which the cross could target 167.19 (previous day’s high). On the other hand, a break below 165.28 (daily low) would shift risk in favor of a drop to 163.98 (Jan 20 low). For more information, read our latest forex news.