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Short

GBP/JPY faces resistance at 159.05,good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
220 0 6
Major support -156.80 (10 day MA)

Major resistance -159.05 (55 day EMA )

GBP/JPY             has declined after making a high of 158.98. It is currently trading around 157.59.

Minor weakness can be seen only below 156.80. Any indicative break below 156.80 will drag the pair down till 156/155.50/154.40.

Short term bullish invalidation only below 153.50.

On the higher side any break above minor resistance 159.05 (55 day EMA ) will take the pair to next level till 160.35/161.70/162.70.

It is good sell on rallies around 157.85-90 with SL around 159.05 for the TP of 156/155.50/154.40.
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