GBP/JPY: Having resumed its broader long term upside, further offensive is expected. Resistance resides at the 160.50 level where a violation will aim at the 161.50 level.
Further out the 161.50 level comes in as the next upside target and possibly higher towards the 162.00 level. Its daily RSI is bullish and pointing higher suggesting further upside.
On the downside, support lies at 159.95 level where a reversal of roles is likely. Support stands at the 159.00 level where a break will aim at the 158.00 level. A cut though here will open the door for a run at the 157.00 level and then the 156.50 level. All in all, the cross remains biased to the upside on further gains.
Guest post by FX Tech Strategy
