GBPJPY more downside but more consolidation first

The pound yen is trading at an important level, there are many times price bounced off this level in the past and we shouldn't be surprised to see a longer consolidation at these levels.

BULL CASE
We have a slight bias towards price to consolidate at this level to the upside before we see downside. This consolidation can move up to 152.5

BEAR CASE
If there's a strong macro reason presented in this upcoming week to give bears the conviction, consolidation will be cancelled and a retest to 146 is what we see.