GBP/JPY breaks major trend line resistance, targets 160.70
Major resistance – 158.80 (trend line joining 175.05 and 173.73)
Major support – 158 (55 day H EMA)
GBP/JPY has broken major resistance 158.80 and jumped till 159.50. It is currently trading around 159.10.
Intraday trend is bullish as long as support 158 holds. On the lower side any break below 158 will drag the pair till 157.40/156.
Any break above 158.80 confirms minor trend reversal, a jump till 160/160.70 is possible .
It is good to buy at dips around 159-159.10 with SL around 158 for the TP of 160/160.70
Major support – 158 (55 day H EMA)
GBP/JPY has broken major resistance 158.80 and jumped till 159.50. It is currently trading around 159.10.
Intraday trend is bullish as long as support 158 holds. On the lower side any break below 158 will drag the pair till 157.40/156.
Any break above 158.80 confirms minor trend reversal, a jump till 160/160.70 is possible .
It is good to buy at dips around 159-159.10 with SL around 158 for the TP of 160/160.70
