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In this paper, we examine the secrecy performance of two-way relaying between a large-scale multiple antenna base station (BS) and a single antenna mobile user (MU) in the presence of a multiple antenna external jammer. We consider the untrusted relaying scenario, where an amplify-and-forward relay is both a necessary helper and a potential eavesdropper to the BS and MU transmissions. With the aim of maximizing the instantaneous secrecy sum rate, we derive new closed-form solutions for the optimal power allocation (OPA) under the following three scenarios: 1) without jamming (WoJ) where the jammer is not activated; 2) friendly jamming (FJ) where the jamming signal is known a priori at the BS and MU; and 3) Gaussian noise jamming (GNJ) where the jamming signal is unknown at the BS and MU. Based on our OPA solutions, new closed-form expressions are derived for the ergodic secrecy sum rate …