As continued bearish momentum remains in place pushing the cross lower for the past week, a follow through lower is now underway. GBPJPY has been under intense bear pressure since failing at 139.99 level in April'2011 and with a convincing break and hold below the 123.27 level, its Aug 10'2011 low seen, the cross looks to target its major support at 118.80 level, its 2009 low. That level may present a considerable support on an initial test and turn the cross back up possibly for a correction. However, if this fails, we should see further weakness towards the 118.00 level, its psycho level and beyond. Both its weekly and daily RSI are bearish and pointing lower supporting this view. On the other hand, a corrective recovery if seen should initially target the 121.74 level, its Sept 16'2011 high with a violation of that level targeting the 122.26 level, its Sept 15'2011 high. Above here will create scope for a move higher towards its Sept 09'2011 high at 124.22 level.

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