breaking support: On , the pair has formed a candle resembling “shooting star” at 185.794 levels again urging for some declines on GBPJPY upon the formation of this on peaks of uptrend.
We now reckon that these patterns have more downside potential and would reveal a medium term downtrend direction.
More substantiation: We are not isolating this signal, considering previous uptrend oscillator is slightly diverging to those upswings which are deemed as trend reversal and heading towards 184.604 as strong .
%D crossover is also spotted out on which indicates selling pressures are still on the table.
It is also important to emphasize that a candle pattern on monthly chart has been a warning of potential price change, not a signal, in and of itself, to go short. Overall pattern on the pair fixes it view for a target of 184.604 and may even tumble up to 182.420 in medium terms.