GBPJPY: The cross faces recovery higher after triggering a correction on Tuesday. On the downside, support comes in at the 127.00 level where a violation will aim at the 126.00 level. A break below here will target the 125.00 level followed by the 124.00 level. Conversely, resistance is seen at the 128.00 level followed by the 129.00 level. A cut through that level will set the stage for a move further higher towards the 130.00 level. Further out, resistance resides at the 131.00 level. All in all, GBPJPY looks to extend its recovery.
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