I think the GBP/JPY will enjoy a decent rally over the coming weeks/months. I will look to go long on a pullback.
Notice the very clear 5-wave decline from the 251 high. Wave 5 appears finished, and MACD divergence is nearing confirmation. Since I think the SPX is bottoming, I would expect any JPY pairs to bottom as well. I will wait for confirmation from MACD before establishing a long position.