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Long

GBP/JPY faces strong support around 161.35, good to buy at dips

FX:GBPJPY   British Pound/Japanese Yen
271 0 8
Major support -161.38 ( trend line joining 154.71 and 156.20 and also 55 day 4 H EMA )

The pair is facing strong support around 161.38 and any break below confirms minor trend reversal , a decline till 160.80/160 is possible .

Short term bullish invalidation only below 159.50.

On the higher side major resistance is around 162.50 and any break above targets 163.15/164.the minor resistance is around 161.80

Further bullishness only above 164.25.

It is good to buy at dips around 161.65-161.70 with SL around 161.35 for the TP of 162.50/163.14
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