GBP/JPY Faces Strong Support at 156, Break Below, Targets 154.40
- Major support -156 (200 day HMA)
- Major resistance -158.50
- GBP/JPY has retreated after making a high of 155.48.It is currently trading around 156.59.
- Minor weakness can be seen only below 156. Any indicative break below 156 will drag the pair down till 155.50/155.25/154.40.
- Short term bullish invalidation only below 153.50.
- On the higher side any break above 157.20 (10 day EMA) will take the pair to next level till 158/158.50/159.
It is good sell below 156 with SL around 157.20 for the TP of 154.40/153.50.