GBPJPY – With the cross taking out its key resistance at 130.08 level to resume its short term uptrend on Tuesday, the risk of further strength is likely in the days ahead. This development now leaves the cross targeting the 132.22 level, its Jun 14’2011 high with a breach of there turning attention to the 135.09 level, its May 31’2011 high. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to this analysis will be a return below its recent low at 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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