GBP/JPY Trade Idea

• Major support – 159.50
   
• Major intraday resistance – 161.05 (55 day 4 H EMA)
   
• The pair has broken major support 159.50 and declined till 159.12 It is currently trading around 159.77.
   
• Any break below 159.50 confirms major trend reversal, a decline till 158/156.47 is possible.
   
• On the higher minor bullishness only above 161.05 and break above targets 161.78/162.50 in short term.
   
• Overall bearish invalidation only above 164.25. Break above targets 165/166.06

It is good to sell around 160-160.20 with SL around 161.05 for the TP of 158/156.50

R1-160.50

 R2-161.05

R3- 162.50

Support

S1-159.50

S2-158.

S3-156.50