GBPJPY has been moving toward 129.70 level. This support was tested few times since June 2016 but eventually always caused rebound. If rebound occurs, next target for the bulls will be located at 133.40 level. Currently this is the main scenario and next resistances after the rebound are located at: 136.50, 139.40, 142.00.
However, if support at 129.70 is broken, GBPJPY will fall to 125.60. Last time GBPJPY was at such low level in November 2012. This scenario is less likely, because there should occur some corrections before successful break through such strong support.
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