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Short

GBP/JPY faces resistance at 159.20, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
208 1 5
Major resistance- 159.20 (55 day EMA )

Major support – 157.70 (21 day MA)

The pair has made a low of 158.04 and slightly recovered from that level. It is currently trading at 158.35.

On the lower side major support is around 157.70 and any break below targets 156/155.60 in short term.

The pair should break above 159.20 for minor bullishness.

GBP/JPY             resistance is around 159.20 (55 day EMA ) and any break above targets 160.60/161.60/162.30/162.80.

It is good to sell on rallies around 158.50-158.55 with SL around 159.20 for the TP of 156/155.60.
what is the recommendation from current level of 164.8. thanks
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