GBP/JPY faces support at 159.5,break below targets 158/156.50
Major support – 159.50
Major intraday resistance – 160.50 (7 day 4 H EMA)
The pair has slightly recovered till 160.45 after making a low of 159.54. It is currently trading around 159.94.
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 161.03/161.78 in short term.
Overall bearish invalidation only above 164.25. Break above targets 165/166.06
It is good to sell below 159.50 with SL around 160.50 for the TP of 158/156.50
Major intraday resistance – 160.50 (7 day 4 H EMA)
The pair has slightly recovered till 160.45 after making a low of 159.54. It is currently trading around 159.94.
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 161.03/161.78 in short term.
Overall bearish invalidation only above 164.25. Break above targets 165/166.06
It is good to sell below 159.50 with SL around 160.50 for the TP of 158/156.50