Having continued to hold on its short term bearish momentum, its broader risk points to the 122.40 level, its Mar 16'20111 low. The cross has been under pressure since collapsing off the 139.99 level in early April'2011 and an eventual violation of the 122.40 level will set the stage for further weakness towards the 120.00 level, its psycho level. Below here will create scope for further declines towards the 118.80 level, its 2009 low. Its daily and weekly RSI are bearish and pointing lower suggesting further weakness. On the upside, the pair will have to climb back above 130.78 level, its Aug 04'2011 high to put its present weakness on hold and signal a return above the 132.33 level, its Jun 14'2011 high followed by the 135.13 level, its May 31'2011 high. GBPJPY is likely to face bear threats at that level and possibly turn lower. All in all, unless the 130.78 level is decisively taken out, GBPJPY remains biased to the downside and looks to recapture the 122.40 level.

"Daily