GBPJPY looks to strengthen further on recovery following Its Tuesday price rejection. On the downside, support comes in at the 128.50 level where a violation will aim at the 128.00 level. A break below here will target the 127.00 level followed by the 127.00 level. Conversely, resistance is seen at the 129.50 level followed by the 130.00 level. A cut through that level will set the stage for a move further higher towards the 130.50 level. Further out, resistance resides at the 131.00 level. All in all, GBPJPY remains biased to the upside on further recovery.
