2016.05.1808:17:00UTC+00Gbp/jpy Trade Idea

• Major support -156.80 (10 day MA)
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• Major resistance -159.05 (55 day EMA)
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• GBP/JPY has recovered after making a low of 157.54. It is currently trading around 159.23.
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• Minor weakness can be seen only below 156.80. Any indicative break below 156.80 will drag the pair down till 156/155.50/154.40.
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• Short term bullish invalidation only below 153.50.
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• On the higher side any break above minor resistance 159.05 (55 day EMA) will take the pair to next level till 160.35/161.70/162.70.

It is good sell on rallies around 159.25-30with SL around 160.70 for the TP of 156/155.50/154.40.
R1-159.05
R2-160.70
R3-161.70
Support
S1-156.80
S2-156
S3- 155.5