GBP/JPY breaks major resistance, jump till 158.50 is possible

FX:GBPJPY   British Pound / Japanese Yen
224 0 10
Major resistance- 156.71 (21 day MA)

Major support - 155.85 (7 day EMA )

The pair has been consolidating between 156.66 and 153.63 for the past six trading session. GBP/JPY             has violated above 156.71 (21 day MA) and jumped till 156.80. It is currently trading around 156.68.

Short term trend is weak as long as support 155.85 holds.

Any break below 155.85 will drag the pair down till 155.25/154.40.

On the higher side any break above 156.71 will take the pair till 157.50/158/158.50.

It is good to buy at dips around 156.60-65 with SL around 155.85 for the TP of 157.50/158.45

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