7/21/2008 – GBP/JPY – Price action on the GBP/JPY daily chart, as shown, has once again bumped right up against a very significant resistance line in the 213.80-214.00 region. This line has been hit at least 5 times since the beginning of the year, and thus represents strong selling pressure at this level. Any true break to the upside, therefore, would be a significant event that should target additional resistance in the 217.00 region. From purely a technical perspective, however, there is a slight bias towards an impending turn back down at or near this robust resistance level. Oscillators like the displayed ... (full story)