GBPJPY: Maintains Its Broader Downside Bias.
GBPJPY – Having continued to hold on to its broader downside GBPJPY looks to target the 124.63 level. This if seen will call for move lower towards the 123.22 level followed by the 122.80 level and then the 122.02 level, its Jan 25’2012 high. Its daily RSI is bearish and pointing lower supporting this view. On the upside, a return above the 126.43 level must occur to annul its present weakness and turn upside risk towards the 127.08 level. Further out, resistance resides at 128.84 level. All in all, the cross continues to hold on to its short term weakness.