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Old 05-02-2012, 05:52 AM
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Mohammed Isah Mohammed Isah is offline
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Default GBPJPY: Hesitates, Remains Vulnerable

GBPJPY – The cross’s upside attempt is now failing and with its broader downside bias remaining intact, further decline is likely. This will turn attention to the 128.76 level with a cut through here calling for a run at the 127.08 level/the 126.53 level thereby annulling its present strength. 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 daily RSI is bearish and pointing lower supporting this view. The alternative scenario will be for a return above 131.77 level, leaving the cross targeting its big resistance residing at the 133.46 level. A clearance of here will resume its medium term uptrend towards the 135.09 level. Further upside offensive above here will call for a run at 136.97 level. All in all, the cross continues to hold on to its medium term uptrend.
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