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Short

GBP/JPY faces strong support at 156, break below targets 154.40

FX:GBPJPY   British Pound/Japanese Yen
235 0 8
Major support -156 (200 day HMA )

Major resistance -158.50

GBP/JPY             has retreated after making a high of 155.48.It is currently trading around 156.59.

Minor weakness can be seen only below 156. Any indicative break below 156 will drag the pair down till 155.50/155.25/154.40.

Short term bullish invalidation only below 153.50.

On the higher side any break above 157.20 (10 day EMA ) will take the pair to next level till 158/158.50/159.

It is good sell below 156 with SL around 157.20 for the TP of 154.40/153.50.
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