GBP/JPY - Targeting Year High
GBP/JPY has broken the short-term rising channel. Key resistance lies at 195.88 (year-high) and 197.45 (26/09/2008 high). Stronger support is given by the 38.2% Fibonacci retracement at 187.86. We expect the pair to hold below 195.88.
In the long-term, the lack of any medium-term bearish reversal pattern favours a bullish bias. The successful test of the strong support at 175.51 (03/02/2015 low) signals persistent buying interest. Key resistances stand at 197.45 (26/09/2008 high). A major support area can be found between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low).