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

22 March 2016, 08:31
Roberto Jacobs
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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              

The material has been provided by InstaForex Company - www.instaforex.com

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