FxWirePro:GBP/JPY Trade idea

• Pattern formed -   Shooting Star
   
• Major support – 146 (5- day MA).
   
• The pair has formed shooting star candlestick pattern in the daily chart .GBP/JPY jumped till 148.45 and started to decline sharply from that level. It is currently trading around 146.82.
   
• GBP/JPY faces strong support at 146 (5- day MA) and any violation below will drag the pair down till 145.25 (7- 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 147.45-50 with SL around 148.50 for the TP of 142.50/140.

Resistance                                                 R1-147.55

R2-148.50

R3- 149.80

Support      

S1-146

S2-145.20

S3- 143