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- Major resistance- 161.50 (21 W MA)
- Major support – 158
- GBP/JPY has made a high of 161.05 and slightly declined from that level. It is currently trading around 160.69.
- Short term trend is still weak as long as resistance 161.50 holds.
- Any break above 21 W MA will take the pair till 162.80/164.09. On the lower side minor support is around 160 and break below targets 159.15/158. The pair should break below 158 for further weakness till 156/155.60.
It is good to sell on rallies around 160.75-160.80 with SL around 161.55 for the TP of 159.20/158
