With GBPJPY climbing higher though slowly following a halt in its declines at 119.94 on Oct 18'2011, risk of a return to its Oct 17'2011 high is now building up. A firm break and hold above that level will resume its corrective recovery towards the 123.27 level, its Aug 10' 2011 low where a violation will set the stage for further strength towards the 125.05 level, its Sept 06'2011 high. Further out, resistance comes in at the 127.31 level, its Aug 22'2011 high. Its daily RSI is bullish and pointing higher supporting this view. Alternatively, the risk to this analysis will be a return to the 119.94 level with a turn below here paving the way for further weakness towards the 116.78 level. On further declines, GBPJPY will aim at the 115.00 and 114.00 levels, all representing its psycho levels. All in all, though the cross continues to maintain its long term downtrend, it presently faces corrective recovery risk.