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FxWirePro: GBP/JPY faces strong trend line resistance at 183.80, good to sell on rallies

  • GBP/JPY jumped till 183.72 and started to retreat from that level.. It is currently trading around 183.03.
     
  • The major intraday resistance is around 183.80 (trend line joining 186.34 and 185.05) and any break above will take the pair till 184.25/184.60 level.
     
  • Short term bearish invalidation only above 185.40.
     
  • On the lower side minor support is around 182.50 and break below will drag the pair till 182/180 in short term.

It is good to sell on rallies around 183.20-25 with SL around 183.80 for the TP of 182/180.40

 

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