FxWirePro: GBPJPY trades below 147.50,dip till 145.35 is possible

Candlestick pattern- Doji

Confirmation candle closed below doji low of 147.50.

The pair has halted its 11 days bullish trend and has lost more than 140 pips. The pair hits high of 148.57 and is currently trading around 147.25.

GBPJPY hits low of 147.10 and shown a minor recovery.The near term support is around 146.98 and violation below will drag the pair to next level till 146.10 (10- day MA) and   has formed doji in daily chart and bearish confirmation happens only if it trades below 147.50 and any break below will drag the pair till 146.83 (23.6% fib)/146.16/145.30 (300- day EMA).

On the higher side, major resistance is around 148 and any violation above will take the pair to next level till 148.60/149.30/149.71.It should cross above 150 for further direction.

It is good to sell on rallies around 147.55-60 with SL around 148.10 for the TP of 145.35.