The cross closed flat after failing to follow through higher on its previous week gains at the end of the week. This suggests a return to the 119.35 level, its Nov 24'2011 low and its major support standing at the 116.78 level, its Sept 27'2011 low could be building up. Below here if seen will resume its long term weakness towards the 115.00 level, its psycho level and then the 114.00 level, its psycho level. Alternatively, on a follow through higher on the back of its past week strength, GBPJPY will aim at 124.13 level. Further out, resistance lies at the 127.30/21 levels where a break is required to halts its medium term bear threats and bring further strength towards the 128.85 level, its Aug 08'2011 high. Another resistance comes in at the 130.78 level, its Aug 04'2011 high. All in all, the cross faces medium term bear threats despite its recovery attempt the past week.
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