By: Forex Royals
Currency: GBP/JPY.
Trend Expected Direction: Downtrend.
Method: Resistance and support levels .
Description: The GBP/JPY is currently below 124.20, which is considered to be a strong resistance level . We estimate that the currency pair will keep it's downtrend and reach the support line at 121.00 as the last target. Before that happens we are estimating it would get to 123.20 as the first target, 122.30 as the second target.
Action: Best action is to sell at 124.20 .
Target Area: First target 123.20, second target 122.30, and for the long term 121.00
Stop Loss: 125.30
