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GBP/JPY fell sharply to as low as 146.43 last week, just inch above 146.36 support. The development is inline with the view that rebound from 139.72 has completed at 153.21 already and fall from there is still in progress. Initial bias will remain on the downside this week and break of 146.36 will bring fall resumption towards 144.51 support first and then 139.69 support next. On the upside, above 148.38 minor resistance will turn intraday bias neutral first and bring consolidation. But recovery is expected to be limited well below 150.30 resistance and bring fall resumption.
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