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GBP/JPY breaks major support 161.30, decline till 160/158.50 is possible

  • 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

 

 

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