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