GBP/JPY Trade Idea

• Major resistance -158.5
   
• Major support -157.20
   
• GBP/JPY has made a high of 158.54 on Friday and started to retreat from that level. It is currently trading around 157.11. Short term trend is still bearish as long as resistance 158.50 holds.
   
• On the higher side any break above 158.50 will take the pair to next level till 159.25/160.
   
• Any break below major support will drag the pair till 155/154.70.

It is good to sell on rallies around 157.25-30 with SL around 158.50 for the TP of 155/154.70

R1-158.50

 R2-159.25

R3-160

Support

S1-157.20

S2- 155

S3-154.70