GBP/JPY breaks major support 159.50, targets 158/156.50

FX:GBPJPY   British Pound / Japanese Yen
211 1 7
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
that is what I am thinking too :)
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