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FxWirePro:GBP/JPY forms shooting star pattern, good to sell below 145.40

Wednesday, December 14, 2016 7:26 AM UTC

Pattern formed - Shooting Star.
Major support – 145.40
The pair has formed shooting star candlestick pattern in the daily chart .GBP/JPY jumped till 146.70 and started to decline from that level. It is currently trading around 145.58
.
GBP/JPY faces strong support at 145.40 (23.6% retracement of 146.37 and 142.50) and any violation below will drag the pair down till 144.60 (daily Tenken-Sen)/143.15 (200- day MA).
On the higher side, any break above 146.70 will take the GBP/JPY till 147.95/150 in the short term.
Minor weakness below 142.50 level.

It is good to sell below 145.40 with SL around 146.70 for the TP of 142.50/140.

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FxWirePro:GBP/JPY forms shooting star pattern, good to sell below 145.40

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