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FxWirePro: GBP/JPY faces strong resistance around 163.50, good to sell on rallies

  • Major Support - 161.50
     
  • Major resistance - 163.50
     
  • The pair has broken major support 161.50 and declined till 161. is currently trading around 161.83.
     
  • Short term trend is still weak as long as resistance 163.50 holds.
     
  • Any break above 163.50 will take the pair till 164.20/164.90 in short term. Overall bearish invalidation only above minor resistance is around 162.50.
     
  • On the lower break below 161.50 will drag the pair till 159.80/158.95/155.90.

 

It is good to sell on rallies around 162.40-50 with SL around 163.50 for the TP of 160/158.90

 

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