GBP/JPY: Pushing Higher
GBP/JPY is making new highs, confirming the underlying uptrend. The short-term technical configuration is positive as long as the support at 171.43 (intraday low) holds. Other supports stand at 170.91 (25/12/2013 high) and 169.78 (23/12/2013 low).
In the longer term, the break of the major resistance at 163.09 calls for further long-term strength towards the resistance at 179.17 (15/08/2002 low). However, the deep overbought conditions suggest some short-term caution. The long-term technical structure remains supportive as long as the key low at 154.73 (09/10/2013 low) holds.