GBP/JPY Trade Idea

GBP/JPY Trade Idea

30 May 2016, 15:11
Roberto Jacobs
0
20

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



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