FxWirePro: GBP/JPY faces strong support around 163.97, good to sell on rallies
Major support -168.50 The pair has broken major support 168.50 and declined till 164. is currently trading around 164.50. Short term trend is still weak as long as resistance 169 holds. On the higher side minor resistanc…
The pair has broken major support 168.50 and declined till 164. is currently trading around 164.50.
Short term trend is still weak as long as resistance 169 holds. On the higher side minor resistance is around 167.25 (23.6% retracement of 175.01 and 164.79) and break above targets 167.75/169.
The pair's major support is around 163.97 and break below will drag the pair further down till 160/159.66 (61.8% projection of 188.79 to 163.96 from 175.01).
It is good to sell on rallies around 166.25-166.50 with SL around 167.75 for the TP of 164.79/163.95
