GBP/JPY Trade Idea

• Major resistance- 155.50 (trend line joining 156.17 and 155.86)
   
• Major support – 153.50
   
• The pair has made a low of 153.63 and slightly recovered from that level. It is currently trading around 155.50.
   
• GBP/JPY has broken major support 154.40 and declined till 153.65 level.
   
• Any violation below 153.50 will drag the pair down till 152.50/151.65.
   
• On the higher side any break above 155.50 will take the pair till 156.50/157.25/157.89 (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 above 155.50 with SL around 154.40 for the TP of 156.50/ 157.25/157.89.   

R1-156.30

 R2-157.25

R3-158.50

Support

S1-155.25

S2-154.40

S3-153.50