GBP/JPY Faces Strong Support at 156, Break Below, Targets 154.40

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.

The material has been provided by