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Forex pairs in this Article » GBP/JPY (San Francisco) - GBPJPY is back trading near the top of its weekly range, last quoted around 136.20 as spot moves sideways in range between 135.42 and 136.30, set to record a 14% 2012 gain at current levels. However, could there be room for a bearish correction? "Using the Fibonacci retracement tool, we see that the pair could find support around its previous high around 132.30 which coincides nicely with the 38.2% Fib level," says the FX-Men Team. "Heck, if there are still enough bulls in the market, we may not even see a pullback from the pair. A close above yesterday's high could mean that GBPJPY is heading to 140.00."

If the upward momentum persists, the 137.00 level (April 28, 2011 high) is noted as next key resistance, then 137.70 (Aug 3, 2010 high) and 140.00 (April 8, 2011 high). Above there, the 50-month EMA at 141.40 is likely to attract offers.
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