GBP/JPY technical analysis: Breaks through over 1-week old descending trend-line on upbeat UK PMI

   •  The British Pound picked up some pace following the release of better than expected UK services PMI for May and lifted the GBP/JPY cross beyond mid-137.00s, or fresh multi-day tops.

   •  The positive momentum assisted the cross to break through a short-term descending trend-line - extending from late May, which might now be seen as a key trigger for bullish traders. 

Meanwhile, technical indicators on hourly charts have been gaining positive traction and add credence to the break-out momentum. However, oscillators on the daily chart are yet to recover from the oversold territory on the daily chart and warrant some caution before placing any aggressive bullish bets.

Hence, the ongoing recovery might still be categorized as a corrective bounce, which runs the risk of fizzling out rather quickly. Any subsequent move beyond the 138.00 round figure mark seems more likely to be used as a selling opportunity and remain capped near the 138.50-55 region. 

GBP/JPY 1-hourly chart