GBP/JPY Trade Idea

• Major resistance- 162.80 (100 EMA)
   
• Major support -159.93 (10 day EMA)
   
•  GBP/JPY has broken major resistance 162.80 and slightly retreated from that level. It is currently trading around 162.27.
   
• The pair is facing major resistance around 162.80 and any break above will take the pair till 164.10/166.
   
• On the lower side major support is around 161.50 and break below targets 160.70/159.90 in short term.  The minor support is around 162.30/161.80.
   
• Short term weakness only below 160.

It is good to buy above 162.80 with SL around 161.80 for the TP of 164.10/166

R1-162.80

 R2-164.10

R3-166

Support

S1-161.80

S2-160.70

S3-160