With the below technical reasoning, we think arresting potential downside risks of this pair by hedging through Put Ratio back Spread. For now it is reckoned that the underlying currency GBPJPY to make a large move on the downside.

After a steep slumps from 195 levesl, expecting a sharp recovery for no reasons substantiating such price rise would be an absurdity.

Instead, it is viewed for some more corrections in GBPJPY upon a decisive breach of important supports at 164 and 162 levels on monthly chart, it is now on verge of sliding southwards and can only find strong support at 150s or below (148.133 levels to be precise).

Earlier, hanging man formation has shown its effects and now with downward convergence of leading oscillators is still bearish continuation on monthly chart.

We now again traced bearish candle with big real body occurred at 156.761 levels with huge volume spikes confirms the strong bearish trend.

In addition, 21MA has just crossed over 7MA which is a signal for medium term downtrend continuation.

Since, GBP/JPY has broken major resistance 158.75 intraday terms, a potential bounce upto 159.25 and above is quite possible. It is currently trading around 159.196, Intraday trend is bullish as long as support 158 holds, hence one can eye on "high/low or above/below binary options" on a speculative mindset.

Please be informed that this bullish stance is only for intraday terms, the pair may carry bearish attitude in medium-long terms.

So, on speculative grounds we recommend buying "above binary calls" (which are presumably OTM calls) for a minimum target of 20-25 pips.

These instruments from onwards likely to fetch a return of 60-75% of the invested amount provided spot FX keeps spiking towards 159.50 levels and there is a wide choice of expiry date and times to choose from.