- 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
