GBP/JPY Trade Idea
- Major resistance - 158.80 (trend line joining 175.05 and 173.73)
- Major support - 158 (55 day H EMA)
- GBP/JPY has broken major resistance 158.80 and jumped till 159.50. It is currently trading around 159.10.
- Intraday trend is bullish as long as support 158 holds. On the lower side any break below 158 will drag the pair till 157.40/156.
- Any break above 158.80 confirms minor trend reversal, a jump till 160/160.70 is possible .
It is good to buy at dips around 159-159.10 with SL around 158 for the TP of 160/160.70
Resistance levels:
R2-160.80
R3-162
Support levels:
S1-158
S2- 156
S3-154.50
The material has been provided by InstaForex Company - www.instaforex.com
