FXWIREPRO: GBP/JPY Faces Strong Support at 154, Good to Buy at Dips
- Major resistance- 155.80 (55 4 H EMA)
- Major Intraday support – 154
- GBP/JPY has made a high of 155.51 yesterday and started to decline from that level .It is currently trading around 154.99.
- Intraday trend is slightly bullish as long as support 154 holds.
- On the higher side any break above major resistance 155.80 will take the pair to next level till 156.60/158.
- The pair’s minor support is around 154 and any break below will drag the GBP/JPY till 153.25/152.50.
- GBP/JPY has formed temporary bottom around 151.64 and recovered from that level. The pair should break below that level for major trend reversal.
It is good to buy at dips around 155.15-155.20 with SL around 154 for the TP of 155.80/156/158
The material has been provided by InstaForex Company - www.instaforex.com