GBPJPY – Having weakened for a second week in a row, GBPJPY looks to extend further declines in the new week. This will leave the cross targeting its key support located at 127.08 level with a break aiming at 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 weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, the cross will have to break and hold above the 131.77 level to halt its present weakness and bring gains towards the 133.46 level. Further out, the 135.09 level comes in as the next resistance where a break will turn focus to the 136.97 level. All in all, the cross remains biased to the downside as it looks to weaken further.
