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Short

GBP/JPY faces strong resistance at 158, good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
247 0 10
Major resistance – 158.10 (Daily Tenken-Sen)

Major support – 157 (21 day MA)

The pair has made a high of 157.99 today at the time writing and started to fall from that level. It is currently trading around 157.05.

Short term trend is still weak as long as resistance 158.10 holds.

Any break above 158.10 will take the pair to next level till 159.32 (55 day EMA )/160.

Overall bearish invalidation only above 162.80 level.

On the lower side major support is around 157 and any break below targets 156/155.25/154.40.

It is good to sell on rallies around 157.20-25 with SL around 158.10 for the TP of 155.25/154.40
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