GBPJPY – With the 119.94 level, its Oct 18’2011 taken out following its early morning trading today, further declines is likely in the days ahead. A hold below the 119.94 level will set the stage for further weakness towards the 116.78 level and possibly lower towards the 115.00 level, its psycho level. Its daily and weekly RSI are bearish and pointing lower supporting this view. Alternatively, the pair will have to break and hold above the 127.30/21 levels to halts its bear threats and bring further strength towards the 128.85 level, its Aug 08’2011 high and subsequently, the 130.78 level, its Aug 04’2011 high. All in all, the cross faces further bear threats as it continues to weaken.
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