After a 200 pip rally from support, the GBPJPY is trading just below a line extended from the 7/20 and 7/21 highs (the 7/22 high is right at this line). Price closed the day between the 55 and 21 day SMAs; which is indicative of the range environment. I favor weakness below 152.38 as long as the GBPJPY is below 156.50. A push above the mentioned trendline would expose 155.25/50 (possible to complete a right shoulder within a head and shoulders).
