GBPJPY: While GBPJPY may still be facing price hesitation, we still see the risk of a return above the 122.75 level. As long as the cross holds above the 119.17 level, this view remains intact. This if seen will convince the market of further corrective gains towards the 123.14 level, its Nov 15’2011 high. A loss of there will aim at the 127.30/21 levels where a breather is expected to occur. Its daily RSI is bullish and pointing higher supporting this view. On the downside, the risk to this analysis will be a break and hold below the 116.78 level, its Sept 22’2011 low. The cross has been under pressure since tumbling off its Oct’2011 level at 127.30. Further down, support lies at the 115.00 level, its psycho level and then the 114.00 level. All in all, the cross remains biased to the upside nearer term on correction
