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