GBP/JPY Trade Idea

• Major Support -170
  
  
• Major resistance -171.15 (Kijun-Sen)
  
  
• Major Trend reversal -172.50
  
  
• GBP/JPY has broken major support 170 and declined till 169.80. It is currently trading around 170.
  
  
• Short term trend is weak as long as resistance 172.50 holds. On the higher side any break above 172.50will take the pair to next level till 173/173. minor resistance is around 171.25
  
  
• On the lower side minor support is around 169.80 and break below targets 169/167.80.

It is good to sell on rallies around 170.25-30 with SL around 171.25 for the TP of 167.80

R1-171.25

 R2-172.50

R3-173.75

Support

S1-169.80

S2- 169

S3-167.80