FxWirePro: Break-away gap, hanging man and spinning top on GBP/JPY

Yen gained on account of Greece debt defaults against almost every major basket of currencies.

On daily charts it has formed a breakaway gap at 192.806 levels.

Slow stochastic on weekly charts indicates overbought pressure as %D line crossover seen above 80 levels.

The breaking of an important support at 194.611 through a breakaway gap is a solid confirmation of a beginning of a major and steep downward move. Downside gaps are signs of market weakness.

And in addition to that hanging man followed by a spinning top candles occurred exactly at the peaks of the rally.

Oscillating indicators are substantiating the bearish view as RSI (14) on both daily as well as weekly charts signaled a falling price convergence above 70 levels. Currently, RSI is trending at 658481 levels.

More importantly, %D line crossover above 80 levels signifying a clear overbought pressure on this pair. (%D line at 91.5463, while %K line at 83.3286).