Candlestick Pattern- Doji
Major support- 148.60
As per our analysis GBPJPY declined sharply more than 250pips after hitting high of 149.48. This is the fourth time crossing above 149 (149.71,149.42,149.51,149.48) and declined from that level. It hits low of 146.92 and is currently trading around 147.18.
Short term trend is weak as long as resistance 149.70 hods. Any violation above targets 150/150.95 level. The pair is trading slightly below 200- day MA and any close below confirms further weakness.
On the lower side, near term support is around 146.85 and any break below targets 146.32-40 (20- day MA and 89- day )/145.35.
It is good to sell on rallies around 147.35-40 with SL around 148 for the TP of 145.40.
