FxWirePro:GBP/JPY faces strong resistance at 158, good to sell on rallies

• Major resistance – 158.10 (Daily Tenken-Sen)
   
• Major support – 157 (21 day MA)
   
• The pair has made a high of 157.99 today at the time writing and started to fall from that level. It is currently trading around 157.05.
   
• Short term trend is still weak as long as resistance 158.10 holds.
   
• Any break above 158.10 will take the pair to next level till 159.32 (55 day EMA)/160.
   
• Overall bearish invalidation only above 162.80 level.
   
• On the lower side major support is around 157 and any break below targets 156/155.25/154.40.

It is good to sell on rallies around 157.20-25 with SL around 158.10 for the TP of 155.25/154.40