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