GBP/JPY Trade Idea

• Major resistance - 163.22 (127% retracement of 162.43 and 159.48)
   
• Major support - 160.80
   
• The pair has made a high of 162.99 and started to retreat from that level. Short term trend is bullish as long as support 160.80 holds.
   
• On the higher any break above 163.22 will take the pair to next level 164.25/ resistance is at 162.50
   
• The pair is facing major support around 160.80 and break below targets 159.80/159.20 ins short term.    
• Further weakness only below 159.20.

It is good to buy at dips around 161.80-85 with SL around 160.80 for the TP of 163.20/164.25

R1-163.25

R2-164

R3-166

Support

S1-160.80

S2-159.80

S3-159.20