FxWirePro: GBP/JPY faces resistance at 21 WMA, good to sell on rallies

• Major resistance- 161.50 (21 W MA)
   
• Major support – 158
   
• GBP/JPY has made a high of 161.05 and slightly declined from that level. It is currently trading around 160.69.
   
• Short term trend is still weak as long as resistance 161.50 holds.
   
• Any break above 21 W MA will take the pair till 162.80/164.09. On the lower side minor support is around 160 and break below targets 159.15/158. The pair should break below 158 for further weakness till 156/155.60.

It is good to sell on rallies around 160.75-160.80 with SL around 161.55 for the TP of 159.20/158