GBPJPY: Consolidates

By Roger Baettig | June 15 2012 8:44 AM

Although seen turning off ahead of the 124.32 level on Wednesday to close lower, it continues to retain most of corrective recovery gains. As long as it continues to hold above the 121.89 level, the risk is for it to return to the 124.32 level. Above here will aim at the 125.50 level and possibly higher. Its daily RSI is bearish and pointing higher suggesting further upside. On the downside, support lies at 121.89 level where a break will call for a run at the 120.00 level. Further down, support lies at its Jun'2012 low at 118.78 level followed by the 118.29 level and then the 117.26 level. All in all, the cross continues to hold on to recovery tone.