FxWirePro: GBP/JPY Faces Strong Support at 160, Good to Buy at Dips
- Major resistance -162.60
- Major support – 158 (21 day 4HMA)
- The pair has opened higher today morning around 161.74 and started to decline from that level. It is currently trading around 160.60.
- Short term trend is still bullish as long as support 158 holds.
- On the lower side minor support is around 160 and any break below that level will drag the pair down till 159.15/158.49/158.
- The pair’s resistance is around 160.75 (55 day EMA) and break above targets 161.75/162.60 level.
- Overall trend reversal only above 164.10.
It is good to buy at dips around 160.10-20 with SL around 159.15 for the TP of 160.75/161.75/162.55
The material has been provided by InstaForex Company - www.instaforex.com