GBPJPY: Strengthens, Pressure Builds On 147.00/50 Levels

GBPJPY - With GBPJPY resuming its broader upside, further strength is likely. As long as it can trade and hold above the 144.79 level, our broader medium term bias remains higher. In such a case, the 147.00 level will be targeted where a violation will aim at the 147.50 level followed by the 148.00 level. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, on any pullback, expect the cross to target the 144.79 level where a reversal of roles as support is likely to occur and turn it higher. However, if this is taken out, further decline could develop towards the 143.43 level followed by the 141.89 level with a cut through here aiming at the 139.40 level. On the whole, the cross remains biased to the upside in the medium term.