GBP/JPY Trade Idea

GBP/JPY has taken support near trend line 180 (trend line joining 167 and 174.86) and slightly recovered from that level.

• The pair's further weakness can be seen only below 179.90
• Any break below 179.90 will drag the pair further down till 177.20/175 in short term.
• The pair's short term support is around 181
• On the higher side any break above 181.65 confirms intraday bullishness, a jump till 182.75/183.35.

It is good to buy at dips around 181.60-70 with SL around 181 for the TP of  183.30

Resistance

R1- 182.60

R2-183.35

R3- 184

Support

S1-181

S2-179.90

S3-177.20