Bank of America Global Research discusses GBP/JPY technical outlook and highlights the importance of 150-150.50 trendline in the near-term.
"Since GBP/JPY reached a peak in 2Q21 that aligned with the high of 2017, it has traded lower to reach trend line support. This trend line is 150-150.50 during the next few weeks and then the horizontal support line at 148.50," BofA notes.
"While above 150 an uptrend can remain however closing below this and it may be turning down. Below 148.50 is a top with further downside to 143," BofA adds.