GBP/JPy Daily Technical Forecast (May-24-2010)

As you can see on my h1 chart below, the GBPJPY slipped above the bearish channel indicating a serious threat to the bearish scenario but price so far unable to move consistently above the channel. Although nearest term pressure is now more to the upside, price still trapped in range area of 130.80 - 128.00. We need a clear break above 130.80 to continue the bullish scenario testing 132.80 region. On the other hand, Break below 128.00 could resume the major bearish scenario testing 126.75 region.