FxWirePro: GBP/JPY Faces Strong Support at 160, Good to Buy at Dips

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