Breakout, targets: The GBP/JPY has broken above the 129.65-130.00 resistance area noted in the previous update. It is also accelerating above the rising channel established since June. This breaks not only the October high, but also a declining trendline that goes back to April 2010, to a resistance pivot near 145.75. The breakout therefore opens up this 145.75 as an eventual long-term target. However the 2012 high at 133.48 will be the short-term target and first challenge to the current rally. A swing projection targets 135.00 and is a more aggressive target than the 2012-high of 133.48. The next target after that ... (full story)