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Short

GBP/JPY faces resistance at 157.35,good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
207 0 4
Major support -156 (200 day HMA& daily Tenken-Sen)

Major intraday resistance -157.35 (daily Kijun-Sen)

GBP/JPY             has made a low of 155.67 on Friday and slightly recovered from that level. It is currently trading around 156.15.

Minor weakness can be seen only below 156. Any indicative break below 156 will drag the pair down till 155.50/155.25/154.40.

Short term bullish invalidation only below 153.50.

On the higher side any break above minor resistance 156.60 (10 day EMA ) will take the pair to next level till 157.35/158/158.50.

It is good sell on rallies around 156.45-50 with SL around 157.35 for the TP of 154.40/153.50.

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