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.