FxWirePro: Break-away gap, hanging man and spinning top on GBP/JPY
Yen gained on account of Greece debt defaults against almost every major basket of currencies.On daily charts it has formed a breakaway gap at 192.806 levels.Slow stochastic on weekly charts indicates overbought pressure…
Yen gained on account of Greece debt defaults against almost every major basket of currencies.
On daily charts it has formed a breakaway gap at 192.806 levels.
Slow stochastic on weekly charts indicates overbought pressure as %D line crossover seen above 80 levels.
The breaking of an important support at 194.611 through a breakaway gap is a solid confirmation of a beginning of a major and steep downward move. Downside gaps are signs of market weakness.
And in addition to that hanging man followed by a spinning top candles occurred exactly at the peaks of the rally.
Oscillating indicators are substantiating the bearish view as RSI (14) on both daily as well as weekly charts signaled a falling price convergence above 70 levels. Currently, RSI is trending at 658481 levels.
More importantly, %D line crossover above 80 levels signifying a clear overbought pressure on this pair. (%D line at 91.5463, while %K line at 83.3286).
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