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Long

GBP/JPY forms hammer pattern,buy above 159.80

FX:GBPJPY   British Pound/Japanese Yen
284 0 8
Candlestick Pattern – Hammer

Major resistance – 159.80

The pair has recovered after making a low of 158.44.It is currently trading around 159.46.

Short term trend is slightly bullish as long as support 158.50 holds. Any break below 158.50 will drag the pair down till 156/154.50.the minor support is around 159.

On the higher side major resistance is around 159.80 and any break above 159.80 will take the pair till 160.55/161/161.80.

It is good to buy above 159.80 with SL around 159 for the TP of 161.50/161.80
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