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Short

GBP/JPY faces strong resistance at 162.5,good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
285 0 6
Candlestick pattern formed- Shooting star

Major resistance – 162.50

GBP/JPY             has retreated after making a high of 162.50. It is currently trading around 161.62.

Short term trend is weak as long as resistance 162.50 holds.

On the higher side any break above 162.50 will take the pair to next level till 163/163.95 in short term.

Overall bearish invalidation only above 166.

The minor support is around 161 and break below targets 159.80/159

It is good to sell on rallies around 161.75-80 with SL around 162.51 for the TP of 159.80/158
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