GBPJPY: Bull Pressure Sees The Cross Targeting The 133.46 Level.

GBPJPY - With the cross holding firmly to its recovery rally initiated from the 130.12 level, we look for it to eventually return to the 133.46 level. A cut through there will call for a run at the 135.09 level. Further upside offensive if seen will call for a run at 136.97 level followed by its April'2011 high at 139.99. Its daily 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 could occur and then turn the cross higher again. 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 and then the 122.02 level, its Jan 25'2012 high. All in all, the cross remains biased to the upside having resumed its short term uptrend.

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