GBPJPY – Despite the cross’s current price hesitation, it continues to hold on to its nearer term corrective uptrend started from the 117.26 level. This leaves the risk of a return to the 122.02 level and then the 122.75 level, its Dec 22’2011 low where a violation will extend 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. On the downside, the risk to this analysis will be a break and hold below its Jan 30’2012 low at 119.57 followed by the 117.26 level. Further down, support comes in at the 116.78 level, its Sept 22’2011 low with a turn below there targeting the 115.00 level, its psycho level. All in all, the cross remains biased to the upside on corrective recovery.
