Short unwind in GBP/JPY that gathered pace in Europe appears to have come to halt around hourly 100-MA located at 154.03 levels. Profit taking after 1000-pip drop The cross suffered more than 1000 pip drop during last week’s Yen rally. The cross topped out at a high of 162.58 levels (Mar 30 high) following which the Yen rally resumed, taking the cross to a low of 151.65 (Apr 7 low). Consequently, the pair was oversold and thus a corrective rally is being witnessed today. Moreover, the the recovery is also helping the GBP/USD rise. GBP/JPY Technical Levels The pair currently trades around 153.90. The immediate hurdle is noted at 154.03 (hourly 100-MA), above which the pair may test supply around 154.72 (Feb 24 low). Conversely, a break below hourly 50-MA at 152.74 would expose 151.64 (Apr 7 low). For more information, read our latest forex news.