GBPJPY – GBPJPY is attempting to return above the 131.77 level but still faces bear threats. An eventual return above 131.77 level will leave the cross targeting its big resistance residing at the 133.46 level. This will resume its medium term uptrend towards the 135.09 level. Further upside offensive above here will call for a run at 136.97 level. The alternative scenario will be for the cross to return to the 127.08 level/the 126.53 level thereby annulling its present strength. 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 continues to hold on to its medium term uptrend.
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