GBP/JPY faces resistance at 155.50, break above targets 157.15

FX:GBPJPY   British Pound/Japanese Yen
201 0 2
Major resistance – 155.50 (55 day 4H EMA)

Major support -153.85 (Kijun-Sen)

The pair has made a high of 155.30 at the time of writing and declined from that level. It is currently trading around 154.91.

The upside movement has been capped by 55 day 4H EMA. Any further bullishness can be seen only above 155.50 level.

Any break above 155.50 will take the pair to next level till 156/156.60/158.The pair should break above 162.60 for further trend reversal.

On the lower side major support comes in at 153.85 and any violation will drag the pair till 153.25/152 in short term. The minor support is around 154.65.

I t is good to buy above 155.50 with SL around 154.60 for the TP of 157.15/158
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