FxWirePro: GBP/JPY Faces Strong Support at 155.70, Good to Buy at Dips

FxWirePro: GBP/JPY Faces Strong Support at 155.70, Good to Buy at Dips

7 June 2016, 09:04
Roberto Jacobs
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FxWirePro: GBP/JPY Faces Strong Support at 155.70, Good to Buy at Dips

  • Major support – 155.70 (Hourly Kijun-Sen) 
  • The pair has declined drastically after making a high of 157.91 at the time of writing. It is currently trading around 156.43. 
  • The intraday trend is slightly bullish as long as support 155.70 holds. The minor support is around 156.30 (90 H EMA) and any break below will drag the pair down till 155.70/155 in the short term. 
  • On the higher side major resistance is around 158.25 (200 4H EMA) and any break above targets 159.05 (200 HMA)/160. 
  • Short –term bearish invalidation only above 164.10 level.

It is good to buy at dips around 156 with SL around 155 for the TP of 157.25/157.90

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