GBP/JPY faces resistance around 170.20, break above targets 176

• Major resistance - 170.20 (Cloud bottom)
   
• The pair has made a high of 170.35 and started to retreat from that level.
   It is currently trading around 169.77.
   
• The upside in GBP/JPY has been capped around 170.20-35 (ichimoku cloud) and any break above 170.20 will take the pair to next level 172/176 in short term.
   
• On the lower side any minor weakness can be seen only below 168.60 level. Break below 168.60 will drag the pair down till 167.60/166.90.

It is good to buy above 170.20 with SL around 168.60 for the TP of 176.