GBP/JPY off highs, still holding above 151.00 handle

After yesterday's brief pause, the GBP/JPY cross regained some positive traction on Tuesday and touched fresh post-Brexit highs near 151.60 level. 

On Monday, a combination of diverging factors, ranging from less hawkish comments from the BoE Governor Mark Carney and fading safe-haven demand, did little to provide any fresh impetus to the pair's post-BoE strong upsurge. 

The cross, however, managed to hold its neck above the key 150.00 psychological mark amid prevalent risk-on environment, which continued denting the Japanese Yen's safe-haven appeal. 

With the British Pound catching some fresh bids on Tuesday, the latest political developments in Japan, with Japan's PM Shinzo Abe reportedly looking to call for a snap election as early as next month, was also seen weighing on the Japanese Yen and helped the cross to inch higher through early European session.

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It would now be interesting to see if the bulls are able to maintain their dominant stance amid absent fundamental driver, in terms of any major market moving economic releases.

Moving ahead, traders would now focus on Wednesday's release of UK monthly retail sales data and the BoJ monetary policy decision, due to be announced during Asian session on Thursday. 

Technical levels to watch

A strong follow through buying interest beyond mid-151.00s has the potential to lift the cross beyond the 152.00 handle towards its next hurdle near the 152.20-25 region.

On the flip side, any retracement back below the 151.00 handle might continue to find support near 150.55-50 zone ahead of the key 150.00 psychological mark.