GBP/JPY Trade Idea

• Major support -156.80 (10 day MA)
   
• Major resistance -159.05 (55 day EMA)
   
• GBP/JPY has recovered after making a low of 157.54. It is currently trading around 159.23.
   
• Minor weakness can be seen only below 156.80. Any indicative break below 156.80 will drag the pair down till 156/155.50/154.40.
   
• Short term bullish invalidation only below 153.50.
   
• On the higher side any break above minor resistance 159.05 (55 day EMA) will take the pair to next level till 160.35/161.70/162.70.

It is good sell on rallies around 159.25-30with SL around 160.70 for the TP of 156/155.50/154.40.

R1-159.05

R2-160.70

R3-161.70

Support

S1-156.80

S2-156

S3- 155.5