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GBP/JPY breaks minor resistance 156.80, targets 158.45/160

Thursday, May 12, 2016 6:18 AM UTC

Major support -156.23 (100 day HMA)
Major resistance -158
GBP/JPY has taken support near 100 day HMA and recovered from that level. It is currently trading around 157.09.
Minor weakness can be seen only below 156.23. Any indicative break below 156.25 will drag the pair down till 155.50/155.25.The minor support is around 156.70 (1 Hour tenken-Sen)
Short term bullish invalidation only below 153.50.
On the higher side any break above 158 will take the pair to next level till 159/160.50/162.70.

It is good to buy at dips around 157-157.10 with SL around 156.23 for the TP of 158.40/160.

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GBP/JPY breaks minor resistance 156.80, targets 158.45/160

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