We have a previous high at 151.50 and the 200-day MA tight behind there at 151.70 today. Watch out for some heavy stop-loss buying on a break, especially from momentum funds and CTAs.
A major UK clearer said last week that GBP/JPY would trade at 160 by the end of this week. The same name has been a very notable buyer and whilst they no doubt are talking their book, they seem to be on the right track.
