GBP/JPY - A Bearish Bias Remains Favoured
GBP/JPY remains weak near the support implied by the 200-day moving average (around 178.19). A break of the resistance area between 180.17 and 181.07 is needed to improve the short-term technical structure. Hourly supports can be found at 177.73 (19/03/2015 low) and 177.16 (18/03/2015 low).
In the long-term, the lower high made on February 2015 suggests a weakening uptrend. Monitor the strong support at 175.51 (03/02/2015 low). A major support area can be found between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low). A resistance lies at 185.03 (26/02/2015 high).