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.