GBPJPY – We remain bearish on GBPJPY unless the cross returns above the 122.66 level. On further declines, its Nov 28’2011 low at 119.92 level will be targeted where a violation of there calling for further declines towards the 119.35 level. Below here will open the door for a run at the 116.78 level and subsequently, the 115.00 level, its psycho level and then the 114.00 level. Alternatively, the cross will aim at the 123.14 level, its Nov 15’2011 high on further corrective recovery. However, it will have to break and hold above the 127.30/21 levels to resume its uptrend started from the 116.99 level. This will set the stage for 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 is biased to the downside in the short term but faces bear risk in the immediate term.
