FxWirePro: GBP/JPY Faces Strong Support at 159, Good to Sell on Rallies

FxWirePro: GBP/JPY Faces Strong Support at 159, Good to Sell on Rallies

• Major resistance- 162.30 (21 day W MA) 
• Major support – 157.85 (21 day MA) 
• The pair has made a high of 161.65 on Friday and started to decline from that level. It is currently trading at 159.49. 
• On the lower side major support is around 158.40 and any break below targets 157.85/157.50 in short term. 
• The pair should break above 162.70 for further bullishness. 
• GBP/JPY resistance is around 160.65 (61.8% retracement of 161.64 and 159.02) and any break above targets 161.60/162.30/162.80.  
  

It is good to sell on rallies around 159.30-159.50 with SL around 160.70 for the TP of 158.50/158

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