The Japanese yen has been weakening against the British pound for several months
The GBPJPY pair rose to a fourteen-month resistance level yesterday, reaching 147.54 at the upper boundary of the Bollinger band. The stochastic indicator is also in overbought territory above the 90 line. Should the bears' strength persist, the exchange rate could fall to the nearest support level at 144.95 - 144.35, which converges with the 20 moving average.
Further support would be provided by the 142.20 - 141.20 zone, which is located at the lower boundary of the Bollinger band. Should the bulls not give up and push the price above yesterday's top, they would have to contend with two resistance levels within a short distance of each other.