GBP/JPY faces strong resistance around 161.60, break above targets 162.50/164

• Major resistance – 161.60 (trend line joining  175.01 and 164.09)
   
• Major support – 159.50
   
• The pair has recovered after making a low of 160.13. It is currently trading around 161.27.
   
• GBP/JPY is facing major resistance around 161.60 and break above targets 162.50/164.10 ins short term.
   
• The minor support is around 160.80 and break below will drag the pair down till 160/159.50/159.
   
• Short term weakness only below 159.
   
• Major trend reversal level on higher side is 164.10.

It is good to buy above 161.60 with SL of 160.80 for the TP of 162.50/164