Description
⋅ Major trend reversal – close above 186.25 (200 day MA)
GBP/JPY has made a high of 186.35 and started to decline from that level. Overall trend is weak as long as GBP/JPY stays below 186.25.
On the lower side it has broken major support 185 (50 day MA) and break below confirms minor trend reversal a decline till 183.97/183 is possible.
The pair’s major resistance is around 185.50 and break above targets 185.90/186.30.
It is good to sell on rallies around 185.15-20 with SL around 186.25 for the TP of 183.97/183