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Short

GBP/JPY faces resistance at 1.618% extension, good to sell on ra

FX:GBPJPY   British Pound/Japanese Yen
304 0 10
Major resistance – 164.25 (161.8% retracement of 162.43 and 159.48)

The pair has made a high of 164.09 and started to retreat from that level. It is currently trading around 163.59.

Short term trend is weak as long as resistance 164.25 holds.

Any break above 164.25 will take the pair to next level 165/166.06 in short term.

On the lower side any break below 163.80 confirms minor trend reversal , a decline till 163/162.67/162.35 is possible .

Overall bearish invalidation only above 167.25.

It is good to sell on rallies around 163.60-163.70 with SL around 164.25 for the TP of 163/162.35
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