theforexportal
Short

GBPJPY shooting star

FX:GBPJPY   British Pound / Japanese Yen
GBPJPY's final candle for the week was a text book shooting star which usually suggests more downside to come. This chart is interesting as GBPJPY lies at the end of a clear flag formation but at the bottom of the flag the usually supportive 200 day moving average sits. The TDI on H4 and H1 are BEARISH so it will be a surprise if we don't head lower at the start of trading on Monday. News (as discussed under GBPUSD ) will clearly influence direction.
Above 140.58 turns the picture more BULLISH .

Trade idea
SELL initially down to 138.68 area and see if we bounce. Under 138.68 SELL down to 136.77 200 sma support on the DTF.
BUY at 140.00 for a move to resistance at 140.88
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out