GBP/JPY: Weak Bounce Thus Far
GBP/JPY's bounce near its rising trendline (linking the low of 13/11/2012 with the one of 04/04/2013) is thus far unimpressive. Hourly resistances can be found at 150.58 and 152.03 (12/06/2013 high). An initial support is at 148.35 (intraday low, see also the hourly rising trendline). A key support area lies between 146.46 (16/04/2013 low) and 145.88.
In the longer-term, further strength towards the strong resistance at 163.09 (07/08/2009) is likely as long as the key support area between 146.46 (16/04/2013 low) and 145.88 (15/03/2013 high) holds. We do not expect a break of this resistance in the coming months though.