GBP/JPY technical analysis: Reverses an early dip to 139.00 confluence support

• The intraday downtick finds some support ahead of 139.00 handle.
• Set-up warrants some caution before placing any aggressive bets.

The GBP/JPY cross added to the overnight losses and edged lower on Wednesday, albeit managed to attract some dip-buying just ahead of confluence support near the 139.00 handle.
 
The mentioned region comprises of 200-hour SMA and 23.6% Fibonacci level of the 130.43-141.50 recent move up, which should now act as a key pivotal point for short-term traders.
 
Near-term overbought conditions turned out to be one of the key factors prompting some follow-through long-unwinding trade on Wednesday amid some renewed Brexit uncertainties.
 
Meanwhile, oscillators on hourly charts have recovered from the bearish territory but seemed struggling to gain any meaningful traction, warranting caution for intraday bullish traders.
 
Hence, any subsequent uptick seems more likely to confront some fresh supply near the key 140.00 handle, above which the cross seems all set to head towards the 140.65-70 supply zone.
 
On the flip side, sustained weakness below the 139.00 mark now seems to prompt some aggressive technical selling and turn the cross vulnerable to aim towards testing sub-138.00 levels.

GBP/JPY 1-hourly chart