GBP/JPY: Buy above break out

FX:GBPJPY   British Pound / Japanese Yen
289 0 8
Major resistance – 155.30 (90 H EMA )

Major support -154.50

GBP/JPY             has recovered sharply till 155.27 from the low of 153.50. It is currently trading around 154.67.

Minor trend reversal can happen only above 155.30 and indicative break above 155.30 will take the pair till 156.25/157.20/158.Short term trend reversal only above 158.

On the lower side 154.50 will be acting as major support and any violation below that level will drag the pair to next immediate support at 153.50.

It is good to buy above 155.30 with SL around 154.50 for the TP of 156.25/157.20
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