GBP/JPY faces resistance around 169.80,break above targets 173.4
Major trend line resistance – 169.80 (trend line joining 170.27 and 170.02)
The pair is facing resistance at 169.80 and break above targets 172/173.45 in short term. It’s minor support is around 168.50 and below that level it will reach 167.70/166.90.
The pair is consolidating in a narrow range for past two days and market awaits UK GDP data for further direction.
UK GDP is expected to grow at 0.5% on quarterly basis slightly above the 0.4% rate recorded in Q3.
Short term trend reversal only below 167.80.
It is good to buy only above 169.80 with SL around 168.50 for the TP of 173.45
The pair is facing resistance at 169.80 and break above targets 172/173.45 in short term. It’s minor support is around 168.50 and below that level it will reach 167.70/166.90.
The pair is consolidating in a narrow range for past two days and market awaits UK GDP data for further direction.
UK GDP is expected to grow at 0.5% on quarterly basis slightly above the 0.4% rate recorded in Q3.
Short term trend reversal only below 167.80.
It is good to buy only above 169.80 with SL around 168.50 for the TP of 173.45
