GBP/JPY Trade Idea

• Major resistance - 162.80
   
• Minor support - 161.30
   
• Major support 160.50 (200 day 4 HMA)
   
• The pair has broken minor resistance 161.80 and jumped till 162.34 at the time of writing. It is currently trading around 162.18.
   
• Short term trend reversal only above 162.80.
   
• On the higher side any break above 162.80 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

R1-162.80

 R2-163.50

R3- 164.10

Support

S1-161.30

S2-160.50

S3-159.50