GBPJPY – With bearishness extending for a second week in row the past week, GBPJPY now targets its key support at the 120.66 level, its Oct 26’2011 low. The cross has been under bear pressure since tumbling off the 127.30 level on Oct 31’2011. Further down, support comes in at the 119.94 level, its Oct 18’2011 with a cut through there setting the stage for further weakness towards the 116.78 level. Its weekly RSI is 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 enters a new week.
