The bounce back in stocks were fueled by the rebound in yields as the bond rally is pausing. This caused the GBPJPY and other XXXJPY pairs to finally stabilize. The good news with the GBPJPY (a.k.a. the Guppy) from a technical perspective, is that today’s lows at 148.45 also coincided with the lows on March 24th, and were very close to the highs in Dec 2019 (147.95) which leads us to below the 148.00 level will be the ‘line in the sand” for bulls. While above this level the bulls are in control, but a break of this level and we could see the 200dma near 146.60 fairly quickly.