FxWirePro: GBP/JPY Faces Strong Resistance at 159.05, Good to Sell on Rallies
18 May 2016, 12:36
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FxWirePro: GBP/JPY Faces Strong Resistance at 159.05, Good to Sell on Rallies
- Major support -156.80 (10 day MA)
- Major resistance -159.05 (55 day EMA)
- GBP/JPY has declined after making a high of 158.98. It is currently trading around 157.59.
- Minor weakness can be seen only below 156.80. Any indicative break below 156.80 will drag the pair down till 156/155.50/154.40.
- Short term bullish invalidation only below 153.50.
- On the higher side any break above minor resistance 159.05 (55 day EMA) will take the pair to next level till 160.35/161.70/162.70.
It is good sell on rallies around 157.70-75 with SL around 159.05 for the TP of 156/155.50/154.40.
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