GBP/JPY: A build up on its recovery triggered on Tuesday could follow through in the days ahead. This if seen will target further upside. As long as it can hold above its rising trendline(red), its broader bias remains higher.
However, the cross will have to recapture the 159.97 level to reverse its present downside and then trigger its medium term uptrend. A violation will target the 160.50 level.
Further out the 161.50 level comes in as the next upside target. Support lies at the 156.00 level where a break will aim at the 155.50 level. A cut though here will open the door for a run at the 155.00 level and then the 154.50 level. All in all, the cross remains biased to the upside on further gains.
Guest post by FX Tech Strategy
