Since the break of the 55 weeks SMAVG at 150.45 with a weekly close below 150.07 ( 23.6% fibo of 251.14 to 118.85 drop) on 18th of September, GBPJPY fails to close above weekly resistance at 151.43.

Recent pick in the risk aversion and interest to dump the pair accordingly, led GBPJPY trading down to 145.81 earlier last week.  Having said that, despite the intraday strong bearish momentum, GBPJPY managed to close above 55 and 200 days SMAVG during the week  and bounced higher to 150.75-151.25 area.

The picture looks similar to S&P for GBPJPY and a break of 151.37 resistance ( 50% fibo of the 163.03 to 139.72 drop) daily close above 150.75 is very bullish signal which suggests an easy trade up to 154.12.  A weekly close above 151.43 on the back of the daily charts confirms the further bullish rally which suggests a test of a broken bullish trend channel bottom at 162.30.

I think both sides of the coin is possible to trade on GBPJPY charts as following.

1-) Sell at 150.80 and add more at 151.35, target 148.45 and 147.10 with a tight SL at 151.85.

2-) Buy on a break of 151.35,  target 153.35 and 154.10 with a tight SL at 150.65.