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GBP/JPY faces strong support at 146, break below targets 143/142.50

Monday, December 19, 2016 11:07 AM UTC

Pattern formed - Shooting Star.
Major support – 146
The pair has formed shooting star candlestick pattern in the daily chart .GBP/JPY declined till 146.05 at the time of writing. It is currently trading around 146.25.
GBP/JPY faces strong support at 146 and any violation below will drag the pair down till 145.35 (10- day MA)/143 (200- day MA).
On the higher side, any break above 148.50 will take the GBP/JPY till 149.80 (161.8% retracement of 148.45 and 146.34) in the short term.
Minor weakness below 142.50 level.

It is good to sell on rallies around 146.75-146.80 with SL around 147.50 for the TP of 145.35/143.

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GBP/JPY faces strong support at 146, break below targets 143/142.50

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