GBP/JPY Trade Idea

GBP/JPY Trade Idea

31 March 2016, 13:39
Roberto Jacobs
0
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GBP/JPY Trade Idea

  • Major support- 161.30 
  • Major resistance – 162.60 
  • The pair has retreated after making a high of 162.57 yesterday. It is currently trading around 160.99. 
  •  Short term trend is weak as long as 162.60 holds. 
  • On the lower side the pair has broken major support 161.30 which confirms minor trend reversal , a decline till 160.50/160/158.50 is possible . 
  • GBP/JPY minor resistance is around 161.50 and any indicative break above will target 162/162.60. 
  • Short term trend reversal only above 162.60.

It is good to sell on rallies around 161.10-161.20 with SL around 162.60 for the TP of 159.50/158.55

Resistance: R1-161.80,  R2-162.60, R3-163.55

Support: S1-160.50, S2-159.50, S3-158.45



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

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