The way i see it, i expect the USDJPY to drop, hence the GBPJPY also. On the daily chart, MACD has already crossed down for the GBPJPY, showing some very serious bearish possibilities. It is still expected that the YEN QE will continue, so this should push the pair up eventually, but not after a decent drop to the 165 area, where there is some support.
The weekly chart also shows some bearish tendencies.
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