FxWirePro: GBP/JPY Faces Strong Resistance at 159.05, Good to Sell on Rallies

FxWirePro: GBP/JPY Faces Strong Resistance at 159.05, Good to Sell on Rallies

18 May 2016, 12:36
Roberto Jacobs
0
12

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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