GBP/JPY Corrective phase targets the 122.00 region
GBP/JPY appears to be within the midst of a corrective phase from the 119.00 low made on 02/01/2012. The failure to remain below 119.38 (24/11/2011 low) now warns of a short-term recovery phase back towards 122.00, ahead of a possible return to weakness.
...
FF News: Technical