GBP/JPY Trade Idea

• GBP/JPY made a high of 187.33 yesterday and has started to retreat from that level. It is currently trading at 186.74.
  
  
• On the downside major support is around 185.60 (23.6% retracement of 180.35 and 187.33) and nay break below will drag the pair further down till 184.75/184 in short term.
  
  
• The minor support is around 186.40
  
  
• Overall bullish invalidation only below 184.
  
  
• The pair's major resistance is around 187.33 and any break above will take the pair further up till 188/189.90.

It is good to sell on rallies around 186.75-80 with SL around 187.40 for the TP of 185.65/185          

Resistance

R1- 187.40

R2-188

R3- 189.90

Support

S1-185.60

S2-184.75

S3-184