GBP/JPY Forms Hammer Pattern, Break Above 159.80 Confirms Further Bullishness

GBP/JPY Forms Hammer Pattern, Break Above 159.80 Confirms Further Bullishness

23 March 2016, 07:38
Roberto Jacobs
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GBP/JPY Forms Hammer Pattern, Break Above 159.80 Confirms Further Bullishness

  • Candlestick Pattern – Hammer 
  • Major resistance – 159.80 
  • The pair has recovered after making a low of 158.44.It is currently trading around 159.46. 
  • Short term trend is slightly bullish as long as support 158.50 holds. Any break below 158.50 will drag the pair down till 156/154.50.the minor support is around 159. 
  • On the higher side major resistance is around 159.80 and any break above 159.80 will take the pair till 160.55/161/161.80.

It is good to buy above 159.80 with SL around 159 for the TP of 161.50/161.80

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

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