GBP/JPY Trade Idea

• Major support- 161.30
   
• Major resistance – 162.60
   
• The pair has retreated after making a high of 162.57 yesterday. It is currently trading around 160.99.
   
•  Short term trend is weak as long as 162.60 holds.
   
• On the lower side the pair has broken major support 161.30 which confirms minor trend reversal , a decline till 160.50/160/158.50 is possible .
   
• GBP/JPY minor resistance is around 161.50 and any indicative break above will target 162/162.60.
   
• Short term trend reversal only above 162.60.

It is good to sell on rallies around 161.10-161.20 with SL around 162.60 for the TP of 159.50/158.55

R1-161.80

 R2-162.60

R3-163.55

Support

S1-160.50

S2-159.50

S3-158.45