GBP/JPY Trade Idea

• Major resistance - 158.80 (trend line joining 175.05 and 173.73)
  
  
• Major support - 158 (55 day H EMA)
  
  
• GBP/JPY has broken major resistance 158.80 and jumped till 159.50. It is currently trading around 159.10.
  
  
• Intraday trend is bullish as long as support 158 holds. On the lower side any break below 158 will drag the pair till 157.40/156.
  
  
• Any break above 158.80 confirms minor trend reversal, a jump till 160/160.70 is possible .

It is good to buy at dips around 159-159.10 with SL around 158 for the TP of 160/160.70

R1-160

 R2-160.80

R3-162

Support

S1-158

S2- 156

S3-154.50