FxWirePro: GBP/JPY breaks major support at 174.20, decline till 171 is possible

The pair broke major support at 174.90 and is currently trading at 173.43, bias remains on the downside.

• GBP/JPY extends downside, trades in a falling channel, currently at 173.50, after hitting multi-year lows at 173.29, levels not seen since Oct 2014.
   
• RSI on dailies is at 12, its weakest level last seen since May 2012, moving averages are biased lower and price action is well below the cloud.
   
• 172 (major trendline support) is next likely target for bears, further downside can see test of 171 (Oct 22nd 2014 lows).
   
• Immediate resistance is located by session highs at 175, while little chart support see on the downside till 172 levels.
   

Recommendation: Good to sell rallies around 173.50/60, SL: 174.50, TP: 172/171