GBP/JPY continues to decline and is now challenging the key support at 171.27 (see also the rising trendline). A break of the initial resistance at 172.31 (09/05/2014 high) would negate the recent short-term weakness. A strong resistance stands at 173.66. Another support can be found at 169.51. The break of the major resistance at 163.09 (07/08/2009 high) calls for further long-term strength towards the resistance at 179.17 (15/08/2002 low). The long-term technical structure remains supportive as long as the key support area defined by 163.89 (04/02/2014 low) and the 200 day moving average (see also the long-term ... (full story)