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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