FxWirePro: GBP/JPY Faces Strong Support at 159, Good to Sell on Rallies
- Major resistance- 162.30 (21 day W MA)
- Major support – 157.85 (21 day MA)
- The pair has made a high of 161.65 on Friday and started to decline from that level. It is currently trading at 159.49.
- On the lower side major support is around 158.40 and any break below targets 157.85/157.50 in short term.
- The pair should break above 162.70 for further bullishness.
- GBP/JPY resistance is around 160.65 (61.8% retracement of 161.64 and 159.02) and any break above targets 161.60/162.30/162.80.
It is good to sell on rallies around 159.30-159.50 with SL around 160.70 for the TP of 158.50/158