FXWIREPRO: GBP/JPY Faces Strong Resistance at 162.80, Good to Sell on Rallies
- Major resistance - 162.80
- Minor support - 161.30
- Major support 160.50 (200 day 4 HMA)
- The pair has broken minor resistance 161.80 and jumped till 162.34 at the time of writing. It is currently trading around 162.18.
- Short term trend reversal only above 162.80.
- On the higher side any break above 162.80 will take the pair to next level around 163.50/164.10.
- The pair’s minor support is around 161.30 and break below targets 160.50/160.
It is good to sell on rallies around 161.85-90 with SL around 162.80 for the TP of 160.
The material has been provided by InstaForex Company - www.instaforex.com