FxWirePro: GBPJPY forms shooting star pattern: struggles to break above trend line resistance and 34 day EMA, good to sell on rallies

Intraday trend : Bearish

Candlestick pattern Shooting star

Ichimoku Analysis (Daily Chart)

Tenken-sen- 141.93

Kijun-Sen- 143.52

Trend reversal level (intra day)- 143.69

GBPJPY is showing slight weakness after a jump of more than 300 pips from the low of 139.89 level. It hits high of 143.66 and is currently trading around 142.84.

The near term support is around 142.70 (20- day MA) and any break below will drag the pair down till 142/141.36 (61.8% fib).

On the higher side, major resistance is around 143.69 (34- day EMA) and any break above targets 144/144.69 (55- day EMA).

It is good to sell on rallies around 142.95-143 with SL around 143.50 for the TP of 141.35.