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Long

GBP/JPY faces strong support at 155.70, good to buy at dips

FX:GBPJPY   British Pound/Japanese Yen
190 1 6
Major support – 155.70 (Hourly Kijun-Sen)

The pair has declined drastically after making a high of 157.91 at the time of writing. It is currently trading around 156.43.

The intraday trend is slightly bullish as long as support 155.70 holds. The minor support is around 156.30 (90 H EMA ) and any break below will drag the pair down till 155.70/155 in the short term.

On the higher side major resistance is around 158.25 (200 4H EMA ) and any break above targets 159.05 (200 HMA )/160.

Short –term bearish invalidation only above 164.10 level.

It is good to buy at dips around 156.25-156.30 with SL around 155.65 for the TP of 157.25/157.90
Can't we say this correction is a bear flag?
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