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FxWirePro: GBP/JPY recovers after making a low of 155.67, good to sell on rallies

Monday, May 16, 2016 6:27 AM UTC

Major support -156 (200 day HMA& daily Tenken-Sen)
Major intraday resistance -157.35 (daily Kijun-Sen)
GBP/JPY has made a low of 155.67 on Friday and slightly recovered from that level. It is currently trading around 156.15.
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 minor resistance 156.60 (10 day EMA) will take the pair to next level till 157.35/158/158.50.

It is good sell on rallies around 156.45-50 with SL around 157.35 for the TP of 154.40/153.50.

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FxWirePro: GBP/JPY recovers after making a low of 155.67, good to sell on rallies

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