FxWirePro: GBP/JPY faces strong support at 154.40, good to buy at dips

• Major resistance- 156 
   
• Major support – 154.40 (May 4th  low)
   
• The pair has once again recovered after making a low of 154.62 at the time of writing. It is currently trading around 155.10..
   
• Short term trend is slightly bullish as long as support 154.40 holds.
   
• Any violation below 154.40 will drag the pair down till 152.50/151.65. 
   
• On the higher side any break above 156 will take the pair till 157.25/157.89 (200 4 HMA).
   
• The pair should close above 158.50 (4 Hour Kijun-Sen) for further upside till 160/162.50 in short term.

It is good buy at dips around 154.40 with SL around 153.25 for the TP of 157.25/157.89.