GBP/JPY Technical Analysis: Risks confirming a bearish break below 100-hour SMA

   •  News of the UK PM Theresa May's defeat over a new customs deal prompted some aggressive GBP selling over the past couple of hours.

   •  The cross reverses UK jobs data-led uptick back closer to near two-month tops and has now dropped to test the very important 100-hour SMA support.

   •  The mentioned support has been held since the beginning of this month and a follow-through selling might now mark the end of recent up-move witnessed over the past three-week. 

   •  On the 1-hourly chart, technical indicators have also started losing positive momentum and thus, add credence to a possible near-term bearish outlook.

GBP/JPY 1-hourly chart

Spot rate: 148.49
Daily High: 149.09
Trend: Turning bearish

Resistance levels
R1: 149.09 (current day swing high)
R2: 149.56    (200-day SMA)
R3: 150.07 (R3 daily pivot-point)

Support levels
S1: 148.24 (S1 daily pivot-point)
S2: 148.00 (round figure mark)
S3: 147.65 (200-period SMA H1)