• GBP/JPY on back foot following rise on feel-good effects of new UK PM

• 219.60 peak July 15 on Andy Burham's expected lock on premier-ship

• GBP/JPY downhill since from 219.60/58 double top July 15/16, today 218.02-34

• On hold just above daily Ichimoku tenkan at 217.91

• Also above hourly tenkan at 218.16 but below 218.38-72 Ichimoku cloud

• Hourly kijun near base of cloud at 218.39, 200/100-HMAs 217.80/218.51

• 200 and 100-HMAs likely define core parameters for now

• May take some time for market to digest ramifications of new Burnham cabinet

• That said, Gilt yields high, still good destination for summer carries

• Related comment , also , on UK cabinet
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(Haruya Ida is a Reuters market analyst. The views expressed are his own)