GBP/JPY Breaks Major Resistance on BoJ News, Targets 160/162.57
22 April 2016, 09:02
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GBP/JPY Breaks Major Resistance on BoJ News, Targets 160/162.57
- Major resistance – 158.10 (trend line joining 162.57 and 158.37)
- Major support- 156.45 (7 day EMA)
- GBP/JPY has regained today morning after making a low of 156.51 yesterday. It is trading around 157.80.
- The Yen declined against all major pairs today morning to the latest headlines of BOJ negative interest rates reported in the Bloomberg.
- BOJ is expected to cut interest rates by 20bpbs to -0.3% on Apr 28th 2016 monetary policy meeting.
- Technically on the higher side major resistance is around 158.10 and any break above will take the pair till 159.50/160/162.50 in short term.
- Minor weakness can be seen only below 156.45 and break below targets 155.80/155/154.50.
It is good to buy above 158.10 with SL around 156.50 for the TP of 160/162.57.
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