GBPJPY – With continued bearishness seen, GBPJPY looks to weaken further possibly towards the 128.15 level. A breach of here will call for a push further lower towards the 126.53 level. Further down, support lies at the 125.45 level followed by the 124.50 level and then the 122.02 level, its Jan 25’2012 high. Its daily RSI is bearish and pointing lower targeting further declines. On the upside, to resume its uptrend it will have to break and hold above the 133.46 level. A cut through there will call for a run at the 135.09 level. Further upside offensive above here will call for a run at 136.97 level. All in all, the cross remains biased to the downside on further declines.
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