GBP/JPY: Buying Interest is Fading
GBP/JPY has invalidated its recent succession of higher lows, reflecting a fading buying interest. Hourly supports stand at 169.13 (14/02/2014 low) and 168.33. Hourly resistances can now be found at 171.17 (19/02/2014 high) and 171.89 (see also the medium-term declining trendline).
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). The longterm technical structure remains supportive as long as the key low at 154.73 (09/10/2013 low) holds.