FXWIREPRO: GBP/JPY Faces Strong Resistance at 162.80, Good to Sell on Rallies

FXWIREPRO: GBP/JPY Faces Strong Resistance at 162.80, Good to Sell on Rallies

29 March 2016, 13:56
Roberto Jacobs
0
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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

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