Chart pattern formed Double top
Candle stick pattern- Shooting star (3 H chart)
GBP/JPY has formed a double top around 142.68 and started to decline from that level. The pair hits intraday high of 142.67 and once again started to decline from that level. It is currently trading around 142.17.
On the lower side, near term major support is around 142 (10- 3H MA) and any break below targets 141.45 (34- 3H EMA and 3H Kijun-Sen)/141/140.65. Any break below 139.88 confirms major trend reversal.
The near term resistance is around 142.70 and any break above targets 143/143.60.
It is good to sell on rallies around 142.20-25 with SL around 142.70 for the TP of 141.45/141.
