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
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