GBP-JPY Extends Bearish Momentum

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.

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All in all, the cross remains biased to the downside on further declines.

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.