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Long

GBP/JPY breaks major trend line resistance, targets 160/162.57

FX:GBPJPY   British Pound / Japanese Yen
263 0 8
Major resistance – 158.10 ( trend line joining 162.57 and 158.37)

Major support- 156.45 (7 day EMA )

GBP/JPY             has regained today morning after making a low of 156.51 yesterday. It is trading around 157.80.

The Yen declined against all major pairs today morning to the latest headlines of BOJ negative interest rates reported in the Bloomberg.

BOJ is expected to cut interest rates by 20bpbs to -0.3% on Apr             28th 2016 monetary policy meeting.

On the higher side major resistance is around 158.10 and any break above will take the pair till 159.50/160/162.50 in short term.

Minor weakness can be seen only below 156.45 and break below targets 155.80/155/154.50.

It is good to buy above 158.10 with SL around 156.50 for the TP of 160/162.57.
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