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Short

GBP/JPY faces strong resistance at 155.8,good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
299 0 8
Major resistance – 155.80 (55 day 4H EMA )

Major support -154.50

The pair has made a high of 155.75 yesterday and declined from that level. It is currently trading around 154.62.

The upside movement has been capped by 55 day 4H EMA . Any further bullishness can be seen only above 155.80 level.

Any break above 155.80 will take the pair to next level till 156.60/158.The pair should break above 162.60 for further trend reversal.

On the lower side major support is around 154.50 and any indicative break below will take the pair to next level around 153.60/153.25/152 in short term.

I t is good to sell on rallies around 154.85-90 with SL around 155.80 for the TP of 153.25/152.
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