GBP/JPY faces resistance around 163.50, good to sell on rallies
Major Support – 161.50
Major resistance – 163.50
The pair has broken major support 161.50 and declined till 161.33.It is currently trading around 161.83.
Short term trend is still weak as long as resistance 163.50 holds.
Any break above 163.50 will take the pair till 164.20/164.90 in short term. Overall bearish invalidation only above 165.The minor resistance is around 162.50.
On the lower break below 161.50 will drag the pair till 159.80/158.95/155.90.
It is good to sell on rallies around 162.40-50 with SL around 163.50 for the TP of 160/158.90
Major resistance – 163.50
The pair has broken major support 161.50 and declined till 161.33.It is currently trading around 161.83.
Short term trend is still weak as long as resistance 163.50 holds.
Any break above 163.50 will take the pair till 164.20/164.90 in short term. Overall bearish invalidation only above 165.The minor resistance is around 162.50.
On the lower break below 161.50 will drag the pair till 159.80/158.95/155.90.
It is good to sell on rallies around 162.40-50 with SL around 163.50 for the TP of 160/158.90