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Long

GBP/JPY faces strong resistance at 154.80, good to buy at dips

FX:GBPJPY   British Pound / Japanese Yen
269 0 5
Major resistance – 154.80 (3 W EMA )

Minor support -153.25

The pair has jumped till 154.22 on Friday and declined from that level. It is currently trading around 153.34.

Short term trend is slightly weak as long as resistance 154.80 holds. Any break above 154.80 will take the pair till next level 155.80/157.10/158 in short term.

On the lower side major support is around 151.50 and break below targets 150/148.40.

Short term bearish invalidation only above 158 level.

It is good to buy at dips around 153.65-70 with SL around 153.25 for the TP of 154.80/155.80
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