Personally I’m hoping that this pair breaks higher as that will undoubtedly help my GBP/JPY position but it’s a bit early to be calling for an end to the long-term downtrend. The big levels that need to be taken are firstly last weeks multiple-hourly high at 84.40 and then the post-intervention high at 85.80. If these levels can be broken and the gains consolidated upon, then we really might be in a major reversal phase.
On the order front, more stops are reported through 83.75 but the ubiquitous corporate offers (on rallies at least) return at 84.20 and above.