The GBP/JPY (also known as the guppy) is breaking some horizontal resistance at the 166.42 level however should find some key resistance at the 127% extension of the July 27 high to Aug. 2 lows. This is at 168.34. Above that is the very long term 61.8% retracement at 168.71 level which is also near the highs from the Apr. 20 and June 9. Considering that the BOJ is stepping up verbal rhetoric on the weak JPY, selling GBP/JPY near those levels makes sense since it is good risk/reward for fresh shorts.