GBP/JPY breaks major trendline support around 184.75,targets 183
Candle stick pattern –Shooting star
GBP/JPY has made a high of 185.60 and started to retreat from that level.
The pair is struggling to close above 185.30 (200 day MA) and is currently trading around 184.59. It has also broken major trend line support around 184.75 and this confirms minor weakness a decline till 183.85/183.30 is possible .
Further bullishness only above 185.60.Any break above targets 187/187.45 The minor resistance is around 185.10.
It is good to sell on rallies around 184.70-75 with SL around 185.60 for the TP of 183.85/183.
GBP/JPY has made a high of 185.60 and started to retreat from that level.
The pair is struggling to close above 185.30 (200 day MA) and is currently trading around 184.59. It has also broken major trend line support around 184.75 and this confirms minor weakness a decline till 183.85/183.30 is possible .
Further bullishness only above 185.60.Any break above targets 187/187.45 The minor resistance is around 185.10.
It is good to sell on rallies around 184.70-75 with SL around 185.60 for the TP of 183.85/183.