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Long

GBP/JPY faces strong resistance at 163.22, good to buy at dips

FX:GBPJPY   British Pound / Japanese Yen
196 0 7
Major resistance – 163.22 (127% retracement of 162.43 and 159.48)

Major support – 160.80

The pair has made a high of 162.99 and started to retreat from that level. Short term trend is bullish as long as support 160.80 holds.

On the higher any break above 163.22 will take the pair to next level 164.25/166.Minor resistance is at 162.50

The pair is facing major support around 160.80 and break below targets 159.80/159.20 ins short term.

Further weakness only below 159.20.

It is good to buy at dips around 161.80-85 with SL around 160.80 for the TP of 163.20/164.25
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