Candlestick pattern- Shooting Star
GBPJPY halted its long winning streak and shown a minor weakness after hitting a high of 135.75 level. The pair hits low of 133.35 and is currently trading 133.73.
The Pound sterling was trading weak with USD after a massive 630 pips recovery this month. The high made was 1.25825 and is currently trading around 1.2435. Any break below 1.2410 confirms minor weakness and a dip till 1.2370 likely.
USDJPY downside support stands at 107-107.10 and pair is hovering slightly above 107.50 level. The overall trend is still weak and a major bullishness only above 109.30-45 level.
On the flip side near term support is around 133.50 (23.6% fib) and any violation below will drag the pair to the next level till 133/132.25 (38.2% fib). Major weakness only below 131.60.
The near term resistance is around 134.60 and any break above targets 135/135.65. Bullish continuation only above 135.65.
It is good to sell on rallies around 133.95-134 with SL around 135 for the TP of 132.25.
