GBP/JPY breaks major resistance on BOJ news, targets 160/162.57

• Major resistance – 158.10 (trend line joining 162.57 and 158.37)
• Major support- 156.45 (7 day EMA)
   
• GBP/JPY has regained today morning after making a low of 156.51 yesterday. It is trading around 157.80.
   
• The Yen declined against all major pairs today morning to the latest headlines of BOJ negative interest rates reported in the Bloomberg.
   
• BOJ is expected to cut interest rates by 20bpbs to -0.3% on Apr 28th 2016 monetary policy meeting.
   
• Technically on the higher side major resistance is around 158.10 and any break above will take the pair till 159.50/160/162.50 in short term.
   
• Minor weakness can be seen only below 156.45 and break below targets 155.80/155/154.50.

It is good to buy above 158.10 with SL around 156.50 for the TP of 160/162.57.