GBPJPY – While GBPJPY’s immediate bias remains corrective, its broader medium term outlook remains higher. This suggests that on ending its present downside threats, it should head back higher towards the 132.42 level. A decisive break and hold above here will call for a run at 133.46 level, its Mar 2012 high. We may see price hesitation here but if taken out expect GBPJPY to strengthen further towards the 134.00 level. On the downside, support comes in at the 130.78 level where a violation will extend downside pressure towards the 129.97 level. Below here if seen will call for a run at the 129.62 level. On the whole, the cross remains biased to the upside in the medium term but faces corrective risks.
