GBPJPY – With continued corrective offensive pushing the cross above the 124.01 level the past week , the risk of further recovery is developing towards the 125.81 level, representing its Jun 21’2012 high. A decisive breach of here will call for more upside towards the 126.43 level with a loss of here creating scope for further upside risk towards the 127.08 level. Further out, resistance resides at 128.84 level. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario is a pullback towards the 124.01 level where a reversal of roles as support is expected. However, if this fails, further declines could build up towards the 122.38 level where a violation will set the stage for a move further lower towards the 121.77 level. But for the cross to resume its broader medium term weakness, it will have to break below the 118.78 level. On the whole, the cross remains biased to the upside on correction nearer term.