GBP/JPY breaks major support 159.50, targets 158/156.50
Major support – 159.50
Major intraday resistance – 161.05 (55 day 4 H EMA)
The pair has retreated after making a high of 161.03. It is currently trading around 159.43.
Any break below 159.50 confirms major trend reversal, a decline till 158/156.47 is possible.
On the higher minor bullishness only above 160.50 and break above targets 161.05/161.78 in short term.
Overall bearish invalidation only above 164.25. Break above targets 165/166.06
It is good to sell around 159.55-159.60 with SL around 160.55 for the TP of 158/156.50
Major intraday resistance – 161.05 (55 day 4 H EMA)
The pair has retreated after making a high of 161.03. It is currently trading around 159.43.
Any break below 159.50 confirms major trend reversal, a decline till 158/156.47 is possible.
On the higher minor bullishness only above 160.50 and break above targets 161.05/161.78 in short term.
Overall bearish invalidation only above 164.25. Break above targets 165/166.06
It is good to sell around 159.55-159.60 with SL around 160.55 for the TP of 158/156.50