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Short

GBP/JPY faces support at 159.5,break below targets 158/156.50

FX:GBPJPY   British Pound/Japanese Yen
268 0 9
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
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