GBP/JPY Trade Idea
- Major resistance- 162.80 (100 EMA)
- Major support -159.93 (10 day EMA)
- GBP/JPY has broken major resistance 162.80 and slightly retreated from that level. It is currently trading around 162.27.
- The pair is facing major resistance around 162.80 and any break above will take the pair till 164.10/166.
- On the lower side major support is around 161.50 and break below targets 160.70/159.90 in short term. The minor support is around 162.30/161.80.
- Short term weakness only below 160.
It is good to buy above 162.80 with SL around 161.80 for the TP of 164.10/166
Resistance: R1-162.80, R2-164.10, R3-166
Support: S1-161.80, S2-160.70, S3-160