Candlestick Chart pattern – Shooting star
GBPJPY lost its shine and declined more than 400 pips on the strong Yen. The bearish sentiment around the pound sterling also puts pressure on the pair. Any breach below 1.3050 confirms the intraday weakness.
USDJPY
USDJPY declined sharply from a six-year high after BOJ continues to buy Japanese Government Bond (JGBs). The near–term support is around 121 and bullish continuation only if it breaks 125.10.
Technicals:
On the lower side, immediate support is around 159, any breach below will drag the pair to the next level to 158/157.75. The minor resistance to be watched is around 160.35, a jump above that level confirms intraday bullishness, a jump till 161/161.50 is possible.
It is good to sell on rallies 160.20-25 with SL around 161.35 for the TP of 158.
