- Major resistance- 156.71 (21 day MA)
- Major support – 155.85 (7 day EMA)
- The pair has been consolidating between 156.66 and 153.63 for the past six trading session. GBP/JPY has violated above 156.71 (21 day MA) and jumped till 156.80. It is currently trading around 156.68.
- Short term trend is weak as long as support 155.85 holds.
- Any break below 155.85 will drag the pair down till 155.25/154.40.
- On the higher side any break above 156.71 will take the pair till 157.50/158/158.50.
It is good to buy at dips around 156.60-65 with SL around 155.85 for the TP of 157.50/158.45
The material has been provided by InstaForex Company – www.instaforex.com