Your example was confusing (contents of A1 vs. your words). I
also didn't look at the Vlookup formula carefully, but the sort is
still needed.

The "W4" in the list (row 6) is 'jigher than' the "W3" you are
searching for, so it picks the previous "J". It doesn't pick the next
higher, but the one *before* it "passes up" the potential match
location (in the sorted list).