GBPJPY: Still Faces Upside Risks

[FXTechstrategy Team]

GBPJPY – While upside risk is still seen, GBPJPY must break and hold above the 124.32 level to trigger its recovery. Above here will aim at the 125.50 level and possibly higher. Its daily RSI is bearish and pointing higher suggesting further upside. On the downside, support lies at 121.89 level where a break will call for a run at the 120.00 level. Further down, support lies at its Jun’2012 low at 118.78 level followed by the 118.29 level and then the 117.26 level. All in all, the cross continues to hold on to recovery tone.