GBP/JPY peeps above 1H 100-MA, eyes UK retail sales

• GBP/JPY could be bottoming out below 150.00. 
• A convincing break above 150.00 likely on strong UK retail sales.

Having built a base along the 1-hour 50-MA in the last 12 hours, the GBP/JPY cross is now trading on the front foot above the 1-hour 100-MA of 149.74. 

The currency pair has created an inverse head and shoulders pattern on the 1-hour chart with the neckline resistance of 150.24. A convincing break to the upside could be seen if the UK retail sales number (due at 09:30 GMT) beats estimates by a big margin. 

Also, the USD/JPY pair is looking oversold on technical charts and a corrective rally in the pair could also lift GBP/JPY above the neckline hurdle. As of writing, GBP/JPY is trading at 149.86 levels. 

GBP/JPY Technical Levels

A break above 150.24 (inverse head and shoulders neckline hurdle) would open up upside towards 150.86 (1-hour 200-MA) and 152.52 (inverse head and shoulders breakout target as per the measured height method). 

On the downside, violation of support at 149.41 (1-hour 50-MA) could yield a pullback to 148.93 (support on 1-hour chart) and 147.96 (Feb. 14 low).