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) -- The pound-yen cross currency pair reversed its previous week's gains to close higher this past week.
The risk is now for GBP-JPY to strengthen further in the coming week.
In such a case, the cross currency pair will target 135.09. A violation of that level would turn attention to 136.97 and then 139.99, the pair's April 2011 high.GBP-JPY's weekly relative strength index is bullish and pointing higher, suggesting further strength. > > Bull or Bear? Vote in Our Poll On the downside, support lies at 130.08, the March 2 high, where a breather may occur and turn the cross back up. However, if the GBP-JPY breaks through that level, further weakness should follow toward 126.53. Further down, support lies at 125.45, followed by 124.50. All in all, the pound-yen cross currency pair remains biased to the upside, having reversed its recent corrective weakness. -- Written by Mohammed Isah.
>To contact the staff member responsible for this article, click here: Ross Snel. >To follow the writer on Twitter, go to http://twitter.com/fxtechstrategy. >To submit a news tip, send an email to: email@example.com.