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GBP/JPY - Exhaustion in Selling Pressures?

GBP/JPY has recently displayed small daily real bodies (dojis) indicating short-term indecision. A break of the hourly resistance at 173.59 (18/07/2014 high, see also the declining trendline) would suggest exhaustion in selling pressures. Another resistance stands at 174.57. A support stands at 172.38.

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 167.78 (18/03/2014 low) holds.

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