GBP/JPY breaks major trend line resistance,targets 164
Major Resistance – 161.40 (trend line joining 162.43 and 162.22)
Major Support – 160.70
The pair has broken major resistance 161.40 and jumped till 161.57. It is currently trading around 161.45.
Short term trend is slightly bullish as long as support 160.70 holds.
On the higher side break above 161.40 will drag the pair till 162.50/163/164.50.
Intraday weakness can be seen only below 160.70 and break below targets 160.30/159.50.
Short term bullish invalidation below 159.20.
It is good to buy at dips around 161.30-35 with SL around 160.70 for the TP of 162.50/163.90
Major Support – 160.70
The pair has broken major resistance 161.40 and jumped till 161.57. It is currently trading around 161.45.
Short term trend is slightly bullish as long as support 160.70 holds.
On the higher side break above 161.40 will drag the pair till 162.50/163/164.50.
Intraday weakness can be seen only below 160.70 and break below targets 160.30/159.50.
Short term bullish invalidation below 159.20.
It is good to buy at dips around 161.30-35 with SL around 160.70 for the TP of 162.50/163.90