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Short

GBP/JPY forms shooting star in daily chart, good to sell on rall

FX:GBPJPY   British Pound/Japanese Yen
300 1 9
Candlestick pattern- Shooting star

Major resistance- 136.86

GBP/JPY             has made a high of 136.76 yesterday and started to decline from that level. The pair declined till 135 and started to jump from that level. It is currently trading at 136.43.

Short term trend is still weak as long resistance 138 holds.

On the higher side, major resistance is around 136.80 and any break above will take the pair till 138/138.85.

It is good to sell on rallies around 136.35-40 with SL around 138 for the TP of 135/134.10
Thanks for the analysis. My input: Caution to the shorts. This new rally from 135 has fresh momentum and the USD news at 0830 EST has yet to arrive. If positive, price would likely jump to 137 and then surprise us to 138. GL trading.
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