Major support – 158
GBP/JPY has made a high of 161.05 and slightly declined from that level. It is currently trading around 160.69.
Short term trend is still weak as long as resistance 161.50 holds.
Any break above 21 W MA will take the pair till 162.80/164.09. On the lower side minor support is around 160 and break below targets 159.15/158. The pair should break below 158 for further weakness till 156/155.60.
It is good to sell on rallies around 160.75-160.80 with SL around 161.55 for the TP of 159.20/158