GBP/JPY Trade Idea
- Minor resistance 158.60 (trend line joining 159.56 and 158.83)
- Major support -158
- The pair has recovered after making a low of 158.16 at the time of writing. It is currently trading around 158.83.
- Intraday trend is slightly bullish as long as support 158 holds.
- Any break below 158 will drag the pair down till 156.50/156 in short term.
- On the higher side any break above 158.60 will take the pair to next level 159.60/160.48.
- Minor trend reversal only above 161.
- Short term bearish invalidation only above 162.60
It is good to buy at dips around 158.60-65 with SL around 158 for the TP of 159.60/160.25
Resintance: R1-158.60, R2-159.65,R3-160.50 Support: S1-158,S2-156.50,S3-156
The material has been provided by InstaForex Company - www.instaforex.com