GBPJPY – With the cross resuming its short term uptrend the past week, GBPJPY is entering the new week bullish and targeting the 135.09 level, its May 29’2011 high. Its weekly RSI is bullish and supportive this view. Further upside offensive above the 135.09 level will call for a run at 136.97 level followed by its April’2011 high at 139.99. On the downside, support lies at 130.08 level, Mar 02’2012 high where a reversal of roles is likely to occur and then turn the pair 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.
