The pair has gained or been flat for 11 straight weeks

Buying GBP/JPY at the start of April proved to be a sensational trade. The pair has risen or been virtually flat for 11 consecutive weeks, hitting 194.84.

There is very little major resistance until 215. It may finally be time for a retracement.

Here's why:

  1. A round of risk aversion would lend a broader bid to JPY if Greek talks break down
  2. The doji star this week shows some indecision. Others have hit in the past though, so alone it's not enough
  3. Even a hawk like Weale ruled out a July rate hike