GBP/JPY Breaks Major Resistance, Jump Till 158.50 Is Possible - It is Good to Buy at Dips

GBP/JPY Breaks Major Resistance, Jump Till 158.50 Is Possible - It is Good to Buy at Dips

10 May 2016, 08:32
Roberto Jacobs
0
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GBP/JPY Breaks Major Resistance, Jump Till 158.50 Is Possible - It is Good to Buy at Dips

  • Major resistance- 156.71 (21 day MA) 
  • Major support - 155.85 (7 day EMA) 
  • The pair has been consolidating between 156.66 and 153.63 for the past six trading session. GBP/JPY has violated above 156.71 (21 day MA) and jumped till 156.80. It is currently trading around 156.68. 
  • Short term trend is weak as long as support 155.85 holds. 
  • Any break below 155.85 will drag the pair down till 155.25/154.40. 
  • On the higher side any break above 156.71 will take the pair till 157.50/158/158.50.

It is good to buy at dips around 156.60-65 with SL around 155.85 for the TP of 157.50/158.45

              
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