GBP/JPY faces strong resistance at 162.85, good to sell on ralli
Major resistance- 162.85 (100 day EMA)
Major support- 160.70 (21 day 4H MA)
The pair has facing a major resistance around 162.85 and struggling to break above that level. On Wednesday the pair has made a high of 162.52 and started to decline from that level.
It is currently trading around 160.75. On the lower side any break below 160.70 confirms minor weakness , a decline till 160/159.20 is possible.
The major intraday resistance is around 161.50 and break above targets 162.20/162.82/162.85.
It is good to sell on rallies 160.85-160.90 with SL around 161.50 for the TP of 160/159.20
Major support- 160.70 (21 day 4H MA)
The pair has facing a major resistance around 162.85 and struggling to break above that level. On Wednesday the pair has made a high of 162.52 and started to decline from that level.
It is currently trading around 160.75. On the lower side any break below 160.70 confirms minor weakness , a decline till 160/159.20 is possible.
The major intraday resistance is around 161.50 and break above targets 162.20/162.82/162.85.
It is good to sell on rallies 160.85-160.90 with SL around 161.50 for the TP of 160/159.20