GBP/JPY: Making New Highs
GBP/JPY has broken the resistance implied by the recent highs at 169.14 (03/12/2013), confirming persistent buying interest despite the current overextended rise. Hourly supports stand at 167.73 (09/12/2013 low) and 165.88 (05/12/2013 low).
In the longer term, the break of the major resistance at 163.09 calls for further long-term strength towards the resistance at 179.17 (15/08/2002 low). However, the deep overbought conditions suggest some short-term caution. The long-term technical structure remains supportive as long as the support at 154.73 (09/10/2013 low) holds.