GBPJPY – Having ended its corrective weakness, GBPJPY now looks to recapture its key resistance located at the 129.66 level. If this is seen, the 130.78 level, its July 2011 high will be aimed at. Above here will clear the way for a run at 132.22 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, on any pullbacks, the 127.30 level will come in as the first support where a reversal of roles is expected to occur and possibly turn it higher again. However, if that level snaps, the cross will face further downside pressure towards the 125.45 level. Other supports are located at the 124.50 level and the 122.02 level, its Jan 25’2012 high. Further down, its Jan 30’2012 low at 119.57 comes in as the next support. All in all, the cross remains biased to the upside on further upside offensive medium term.
