GBP/JPY’s choppy rebound from extended to 151.21 last week but breached 150.92 resistance briefly. But it couldn’t sustain above 150.92 (50% retracement of 156.59 to 144.97 at 150.78) yet. Initial bias stays neutral this week first. We’d still expect strong resistance from 150.78/92 to limit upside. Break of 148.37 will turn bias to the downside for retesting 144.97 first. However, sustained break of 150.92 will indicate near term reversal and pave the way back to retest 156.69 high.
.