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 (

TheStreet

) -- With the GBP-JPY reversing its Wednesday losses and triggering a resumption of its corrective recovery initiated from the 116.78 level, the risk of further strength is now building up.

In such a case, its Sept. 15, 2011 high at 122.26 will come in as the next upside target with a violation of there allowing for further strength towards its Aug. 10, 2011 low at 123.27.\

A reversal of roles as resistance should occur here and possibly push the cross back down in the direction of its long term downtrend. Its daily RSI is bullish and pointing higher supporting its present recovery price activities.

Alternatively, the risk to its current upside offensive will be a return below its 2011 low at 116.78. This will resume its broader long term downtrend towards the 115.00 and 114.00 levels, all representing its psycho levels.

All in all, while the GBP-JPY may be recovering higher, it is doing so within its established long term downtrend.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces

The Professional Suite

for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.