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Short

GBP/JPY faces strong resistance at 158, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
311 0 9
Major resistance – 156.35 (Hourly Kijun-Sen)

Major support – 155 (Cloud bottom)

The pair has once again retreated after making a high of 157.55. GBP/JPY             is weak as long as resistance 158 holds. Short term bullishness can be seen only above 158.

The intraday resistance is around 156.60 and any break above targets 157.25/158.On the lower side 155 is acting as major support and any violation below that level will drag the pair down till 154.40/153.50 (88.6% retracement of 152.95 and 157.95).

It is good to sell on rallies around 155.70 with SL around 156.35 for the TP of 154.40/153.60
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