The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK ( fxtechstrategy.com) -- With continued bearishness seen, GBP-JPY looks to weaken further toward 128.15. A breach there will permit it go still lower, to the 126.53 level.
Further down, support lies at 125.45 followed by 124.50 and then 122.02, its Jan. 25 high. Its daily RSI is bearish and pointing lower targeting further declines.On the upside, to resume its uptrend it will have to break and hold above the 133.46 level. A cut through there will call for a run at the 135.09 level. Further upside offensive above here will call for a run at 136.97. Follow TheStreet on Twitter and become a fan on Facebook. All in all, the cross remains biased to the downside on further declines.