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GBP/JPY - Retesting Old Declining Trendline

GBP/JPY is moving toward support which if successful would increases the likelihood of further medium-term strength. Break of declining trend line has improve the short-term technical structure proving scope for a challenge to resistance at 185.03 (27/02/2015 high). Supports lies at 181.75 (declining trendline) and 179.32 (23/04/2015 low)

In the long-term, the lower high made on February 2015 suggests a weakening uptrend. However, the successful test of the strong support at 175.51 (03/02/2015 low) signals persistent buying interest. Key resistances stand at 185.03 (26/02/2015 high). A major support area can be found between 169.51 (11/04/2014 low) and 167.78 (18/03/2014 low).

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