FxWirePro:GBP/JPY forms shooting star pattern, good to sell on rallies
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 cu…
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.
