GBP/JPY faces trend line resistance at 168.85, break above targets 170.50

 

• Major resistance - 168.85 (trend line joining 173.38 and 171.27)
  
  
• The pair has made a high of 168.85 at the time of writing and slightly retreated from that level. It is currently trading around 168.50.
  
  
• Short term trend is slightly bullish as long as support 166.90 holds.
  
  
• Any break below 166.90 will drag the pair till 166.20/ minor support is around 167.80.
  
  
• On the higher side any break above 168.85 will take the pair till 169.30/170/170.50.

It is good to buy above 168.85 with SL around 167.80 for the TP of 170.50