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Short

GBP/JPY forms falling wedge pattern, good to sell on rallies

FX:GBPJPY   British Pound/Japanese Yen
176 1 0
Pattern formed – Falling wedge

Major resistance – 185.60 ( trend line joining 188.17 and 186.35)

The pair has made a high of 185.39 yesterday and started to decline till 183.70 from that level. It is currently trading at 184.50 level.

On the lower side the pair is facing strong support around 183.70 ( trend line joining 184.32 and 183.97) and break below confirms minor weakness a decline till 183/181.80 is possible .

Any break above major resistance will take the pair to next level 186.05/186.35. The minor resistance is around 184.85/185.25/185.60.

It is good to sell on rallies around 185.50-60 with SL around 186.35 for the TP of 184/183.70
I agree with you, there is also divergence on the MACD indicator, which tells me it may be touching the trend line before going down.
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