FxWirePro: GBP/JPY Faces Strong Support at 160, Good to Buy at Dips

FxWirePro: GBP/JPY Faces Strong Support at 160, Good to Buy at Dips

25 April 2016, 10:50
Roberto Jacobs
0
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FxWirePro: GBP/JPY Faces Strong Support at 160, Good to Buy at Dips

  • Major resistance -162.60 
  • Major support – 158 (21 day 4HMA) 
  • The pair has opened higher today morning around 161.74 and started to decline from that level. It is currently trading around 160.60. 
  • Short term trend is still bullish as long as support 158 holds. 
  • On the lower side minor support is around 160 and any break below that level will drag the pair down till 159.15/158.49/158. 
  • The pair’s resistance is around 160.75 (55 day EMA) and break above targets 161.75/162.60 level. 
  • Overall trend reversal only above 164.10.

It is good to buy at dips around 160.10-20 with SL around 159.15 for the TP of 160.75/161.75/162.55

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



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