GBPJPY – We continue to maintain our upside bias on the cross having rallied and resumed its corrective recovery. This leaves the next upside target at 125.96 level where a violation will call for a run at the 126.43 level. A turn above here will create scope for further upside risk towards the 127.08 level. Further out, resistance resides at 128.84 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to this analysis will be a return to the 122.30 level with a break turning attention to the 121.89 level. Further down, support resides at the 118.78 level where a violation will resume its broader weakness and aim at the 118.00 level. All in all, the cross remains biased to the upside on further corrective recovery risk.
