FxWirePro: GBP/JPY faces resistance at 1.618% extension, good to sell on rallies

• Major resistance – 164.25 (161.8% retracement of 162.43 and 159.48)
   
• The pair has made a high of 164.09 and started to retreat from that level.  It is currently trading around 163.59.
   
• Short term trend is weak as long as resistance 164.25 holds.
   
• Any break above 164.25 will take the pair to next level 165/166.06 in short term.
   
• On the lower side any break below 163.80 confirms minor trend reversal , a decline till 163/162.67/162.35 is possible .
   
• Overall bearish invalidation only above 167.25.

  It is good to sell on rallies around 163.60-163.70 with SL around 164.25 for the TP of 163/162.35