GBP/JPY- Bearish Pause Ahead of Key Support
GBP/JPY continues to weaken after the break of the key support at 172.38, as can be seen by the break of the rising channel. However, prices are now close to the strong support at 169.51 (see also the rising trendline and the 200 day moving average). Hourly resistances can be found at 171.92 (intraday high) and 172.63 (07/08/2014 high).
In the long-term, the break of the major resistance at 163.09 (07/08/2009 high) calls for further strength towards the resistance at 179.17 (15/08/2002 low). The long-term technical structure remains supportive as long as the key support at 169.51 (11/04/2014 low) holds.