FxWirePro: GBP/JPY struggles to break above 162.50, good to sell on rallies

• Major resistance - 162.50 (7 day W EMA)
   
• Minor support - 161.30
   
• Major support 160.60 (200 day 4 HMA)
   
• The pair has retreated after making a high of 162.50. It is currently trading around 161.65.
   
• Short term trend reversal only above 162.50.
   
• On the higher side any break above 162.50 will take the pair to next level around 163.50/164.10.
   
• The pair’s minor support is around 161.30 and break below targets 160.50/160.
   

It is good to sell on rallies around 161.85-90 with SL around 162.80 for the TP of 160.50/159.50