Chart pattern- Shooting star
Ichimoku Analysis (4-hour chart)
Tenken-Sen- 132.31
Kijun-Sen- 131.85
GBPJPY formed almost a double top around 133 and lost more than 150 pips on the weak Pound sterling. GBP has lost more than 150 pips against USD after the refusal of extension of Brexit. It hits an intraday low of 131.63 and is currently trading around 131.689.
In the 4 hours chart it is trading well below 200-4H MA at 132.63, a decline till 130.66 is likely. Any indicative break below targets 130/129.25.
On the flip side, near-term resistance stands at 132 and any violation beyond will take the pair to next level till 133.18.
It is good to sell on rallies around 132 with SL around 133 for the TP of 130.05/129.25.
