Our outlook on GBPJPY continues to point the downside as it is remains bearish and vulnerable to the downside. In such a case, the 120.00 level comes in as the next target. On continued weakness, the cross will target the 119.00 level, its psycho level. The ultimate support lies at the 118.78 level where a violation will resume its broader medium term weakness and call for more declines towards the 118.00 level. A cut through there will allow for more declines towards the 117.35 level. On the upside, the cross must break and hold above the 124.01/125.44 levels to annul its downside threats where a break will turn focus to the 126.43 level. Above here will create scope for further upside risk towards the 127.08 level. Further out, resistance resides at 128.84 level. All in all, the cross remains biased to the downside nearer term.

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