GBP/JPY - Challenging a Resistance Area
GBP/JPY has bounced sharply near the strong support area between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low). Monitor the test of the resistance at 173.32 (see also the 38.2% retracement). Hourly supports can be found at 171.25 (intraday low) and 170.21. Another resistance lies at 175.01.
In the long-term, the trend is positive as long as the strong support area between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low) holds. However, the sharp reversal near the psychological threshold at 180.00 and the fading 200-day moving average indicate a weakening trend.