FxWirePro: GBP/JPY faces strong support at 159, good to sell on rallies

• Major resistance- 159.20 (55 day EMA)
   
• Major support – 157.70 (21 day MA)
   
• The pair has made a low of 158.04 and slightly recovered from that level. It is currently trading at 158.35.
   
• On the lower side major support is around 157.70 and any break below targets 156/155.60 in short term.
   
• The pair should break above 159.20 for minor bullishness.
   
• GBP/JPY resistance is around 159.20 (55 day EMA) and any break above targets 160.60/161.60/162.30/162.80.   

It is good to sell on rallies around 158.50-158.55 with SL around 159.20 for the TP of 156/155.60.