GBP/JPY continues to develop short-term structure that is suggestive of a stronger recovery developing from the 148.00 region, with a return to 154.05 (24/07/2013 high) possible over coming sessions.

The 148.00 level is now seen as key to further potential upside, thus if a break under this level can be achieved, a swift push towards the 200 day moving average, currently at 145.07, would be anticipated.

While above 148.00 our bias remains bullish, with scope for a minimum return towards the 156.77 (13/05/2013) annual high.

Daily Technical Report