Candlestick pattern formed- Shooting star
Major resistance – 162.50
GBP/JPY has retreated after making a high of 162.50. It is currently trading around 161.62.
Short term trend is weak as long as resistance 162.50 holds.
On the higher side any break above 162.50 will take the pair to next level till 163/163.95 in short term.
Overall bearish invalidation only above 166.
The minor support is around 161 and break below targets 159.80/159
It is good to sell on rallies around 161.75-80 with SL around 162.51 for the TP of 159.80/158
Major resistance – 162.50
GBP/JPY has retreated after making a high of 162.50. It is currently trading around 161.62.
Short term trend is weak as long as resistance 162.50 holds.
On the higher side any break above 162.50 will take the pair to next level till 163/163.95 in short term.
Overall bearish invalidation only above 166.
The minor support is around 161 and break below targets 159.80/159
It is good to sell on rallies around 161.75-80 with SL around 162.51 for the TP of 159.80/158