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