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Short

GBP/JPY holds next major support at 172 after break of 174.20

FX:GBPJPY   British Pound / Japanese Yen
238 1 1
GBP/JPY             extends downside to fresh multi-year lows, broke major support at 174.20 in Wednesday's trade.

The pair hit session lows at 172.19 on the day before paring some losses, currently it is trading around 172.75 levels.

The pair is holding above next major support at 172 which is ( trendline joining 175.78, 175.75, 175.50, 174.88).

Bias is definitely lower, RSI on dailies is around 11, its weakest level last seen since May 2012, major moving averages are all biased lower and price action is well below the cloud.

Further weakness can be seen on breaks below 172 levels, Oct 22 lows at 171.06 next bear target.

Hold short position, lower stops to 173.75
Hi sir, is it advisable to enter now at 172.80 SL173.80 / TP1-171.80 / TP2-171.30?
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