GBP/JPY Trade Idea

GBP/JPY Trade Idea

4 April 2016, 15:20
Roberto Jacobs
0
18

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

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