GBP/JPY Faces Strong Resistance Around 161.60, Break Above Targets 162.50/164

GBP/JPY Faces Strong Resistance Around 161.60, Break Above Targets 162.50/164

• Major resistance – 161.60 (trend line joining  175.01 and 164.09) 
• Major support – 159.50 
• The pair has recovered after making a low of 160.13. It is currently trading around 161.27. 
• GBP/JPY is facing major resistance around 161.60 and break above targets 162.50/164.10 ins short term. 
• The minor support is around 160.80 and break below will drag the pair down till 160/159.50/159. 
• Short term weakness only below 159. 
• Major trend reversal level on higher side is 164.10.
  

It is good to buy above 161.60 with SL of 160.80 for the TP of 162.50/164              

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