Gbpjpy Faces Strong Resistance Around 195,good to Sell on Rallie

Candle stick pattern-  Bearish engulfing

  •  GBP/JPY has made a high of 194.58 yesterday and retreated from that level. It is still weak as long as resistance 195 holds. 
  • Any break above major resistance targets 195.85/196.
  • On the downside major support is around 193 and any break below will drag the pair further down till 192/191.
  • Bullish invalidation only below 190.50.

It is good to sell on rallies around 193.75-80 With SL around 194.70 for the TP  of 192/191.10.

The material has been provided by InstaForex Company – www.instaforex.com

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