Candle stick pattern-Shooting star
Bearish divergence (CCI (50) 4 hours chart)
GBPJPY was trading higher for past 10 days and jumped more than 700 pips on account of positive Brexit headlines. The pair hits high of 148.04 and lost more than 90 pips on profit booking. It hits intraday low of 147.17 and is currently trading around 147.26.
The near term support is around 147.06 (23.6% fib 143.78 and 148.04) and any violation below will take the pair to next level 146.17/145.69/145. Any further weakness only below 143.78 level.
On the higher side, near term resistance will be 148.05 high made yesterday and any break above will take the pair to next level till 148.73/149.48 (Nov 2018 high).
It is good to sell on rallies around 147.35-40 with SL around 148.05 for TP of 146/145.69.
