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Long

GBP/JPY faces strong support at 154, good to buy at dips

FX:GBPJPY   British Pound/Japanese Yen
226 0 6
Major resistance- 155.80 (55 4 H EMA)

Major Intraday support – 154

GBP/JPY             has made a high of 155.51 yesterday and started to decline from that level .It is currently trading around 154.99.

Intraday trend is slightly bullish as long as support 154 holds.

On the higher side any break above major resistance 155.80 will take the pair to next level till 156.60/158.

The pair’s minor support is around 154 and any break below will drag the GBP/JPY             till 153.25/152.50.

GBP/JPY             has formed temporary bottom around 151.64 and recovered from that level. The pair should break below that level for major trend reversal.

It is good to buy at dips around 155.15-155.20 with SL around 154 for the TP of 155.80/156/158

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