FxWirePro: GBP/JPY Struggles to Break Below 160, Good to Buy at Dips
- Major resistance -162.60
- Major support – 160
- The pair has recovered yesterday after making a low of 160.01. It is currently trading around 160.75.
- Short term trend is still bullish as long as support 160 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