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Short GBP/JPY off of 160.00

Short GBP/JPY off of 160.00

James Stanley, Contributor

This is an aggressive setup to sell resistance at an old support level in GBP/JPY. The full setup is outlined in the article, Reversal Setup Off of Key Psychological Level.

The level of 160 is key for this setup, and stops will be lodged above today's high at 160.56, with profit targets at 157.50, 156.35, and then 155.00.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.