GBP/JPY: Risk Remains Lower Medium Term

GBP/JPY: The cross continues to face downside pressure as we enter a new week. On the downside, support comes in at the 155.00 level where a violation will aim at the 154.00 level. A break below here will target the 153.00 level followed by the 152.00 level.

Conversely, resistance is seen at the 156.00 level followed by the 157.00 level. A cut through that level will set the stage for a move further higher towards the 158.00 level. Further out, resistance resides at the 159.00 level. All in all, GBP/JPY looks to weaken further following a loss of its upside momentum.