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 159.70-159.80 with SL around 160.70 for the TP of 158.50/158.
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 159.70-159.80 with SL around 160.70 for the TP of 158.50/158.