Gbp/jpy Struggles to Break Above Trend Line Resistance, Targets 155

  • Major resistance -158.5
  • Major support -157.20
  • GBP/JPY has made a high of 158.54 on Friday and started to retreat from that level. It is currently trading around 157.11. Short term trend is still bearish as long as resistance 158.50 holds.
  • On the higher side any break above 158.50 will take the pair to next level till 159.25/160.
  • Any break below major support will drag the pair till 155/154.70.

It is good to sell on rallies around 157.25-30 with SL around 158.50 for the TP of 155/154.70

The material has been provided by InstaForex Company –