GBP-JPY Under Bullish Pressure

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

NEW YORK (fxtechstrategy.com) -- GBP-JPY continues to press higher maintaining its short-term uptrend and targeting its major resistance at the 135.09 level.

Further upside offensive above here will call for a run at 136.97 level followed by its April 2011 high at 139.99. Its daily RSI is bullish and pointing higher suggesting further strength.

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On the downside, support lies at the March 2 high of 130.08, where a reversal of roles is likely to occur and then turn the pair higher again. However, if this fails to materialize, further weakness should follow toward the 126.53 level.

Further down, support lies at the 125.45 level followed by the 124.50 level and then the 122.02 level, its Jan. 25 high.

All in all, the cross remains biased to the upside having resumed its short-term uptrend.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.