FxWirePro: GBP/JPY Faces Strong Support at 154.40, Good to Buy at Dips

FxWirePro: GBP/JPY Faces Strong Support at 154.40, Good to Buy at Dips

6 May 2016, 11:40
Roberto Jacobs
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FxWirePro: GBP/JPY Faces Strong Support at 154.40, Good to Buy at Dips

  • Major resistance- 156  
  • Major support – 154.40 (May 4th  low) 
  • The pair has once again recovered after making a low of 154.62 at the time of writing. It is currently trading around 155.10.. 
  • Short term trend is slightly bullish as long as support 154.40 holds. 
  • Any violation below 154.40 will drag the pair down till 152.50/151.65.  
  • On the higher side any break above 156 will take the pair till 157.25/157.89 (200 4 HMA). 
  • The pair should close above 158.50 (4 Hour Kijun-Sen) for further upside till 160/162.50 in short term.

It is good buy at dips above 154.40 with SL around 153.25 for the TP of 157.25/157.89.   

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