GBPJPY – With the cross reversing its previous week gains to close higher the past week, the risk is for GBPJPY to strengthen further in the new week. In such a case, the 135.09 level will be targeted with a violation of there turning attention to the 136.97 level and subsequently, its April’2011 high at 139.99. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at 130.08 level, Mar 02’2012 high where a breather may occur and turn the cross back up. However, if this fails to materialize, further weakness should follow towards the 126.53 level. Further down, support lies at the 125.45 level followed by the 124.50 level. All in all, the cross remains biased to the upside having reversed its recent corrective weakness.
