- Major resistance – 170(Cloud bottom)
- The pair has made a high of 170 and started to retreat from that level. It is currently trading around 168. upside in GBP/JPY has been capped around 170.20-35 (ichimoku cloud) and any break above 170.20 will take the pair to next level 172/176 in short term.
- On the lower side any minor weakness can be seen only below 167.70 (21 day MA) level. Break below 167.70 will drag the pair down till 166.90/165.
It is good to sell on rallies around 168.80-169 with SL around 170.20 for the TP of 165/164.
The material has been provided by InstaForex Company – www.instaforex.com