GBP/JPY Breaks Minor Resistance 156.80, Targets 158.45/160

GBP/JPY Breaks Minor Resistance 156.80, Targets 158.45/160

12 May 2016, 09:32
Roberto Jacobs
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GBP/JPY Breaks Minor Resistance 156.80, Targets 158.45/160

  • Major support -156.23 (100 day HMA) 
  • Major resistance -158 
  • GBP/JPY has taken support near 100 day HMA and recovered from that level. It is currently trading around 157.09. 
  • Minor weakness can be seen only below 156.23. Any indicative break below 156.25 will drag the pair down till 155.50/155.25.The minor support is around 156.70 (1 Hour tenken-Sen) 
  • Short term bullish invalidation only below 153.50. 
  • On the higher side any break above 158 will take the pair to next level till 159/160.50/162.70.

It is good to buy at dips around 157-157.10 with SL around 156.23 for the TP of 158.40/160.

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