GBP/JPY breaks major support 163.95, targets 160
Major support -163.95 (20 Jan 2016 Low)
Major resistance - 166.60 (21 day 4 HMA)
The pair has recovered till 167.63 (21 day 4H MA) yesterday and started to decline from that level. It has broken major support 163.95 which confirms minor trend reversal a decline till 160/157.16 is possible.
On the higher side major resistance is around 166.60 and break above targets 167.60/169.
Overall trend reversal only above 173.75.
It is good to sell on rallies around 164.10-164.20 with SL around 166.65 for the TP of 160/157.80
Major resistance - 166.60 (21 day 4 HMA)
The pair has recovered till 167.63 (21 day 4H MA) yesterday and started to decline from that level. It has broken major support 163.95 which confirms minor trend reversal a decline till 160/157.16 is possible.
On the higher side major resistance is around 166.60 and break above targets 167.60/169.
Overall trend reversal only above 173.75.
It is good to sell on rallies around 164.10-164.20 with SL around 166.65 for the TP of 160/157.80
