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Short

GBPJPY retreats for mhigher lvels , good to sell on rallies

FX:GBPJPY   British Pound / Japanese Yen
292 2 7
GBP/JPY             has formed shooting star candlestick pattern in 4 hours chart , this confirms short term weakness , a decline till 192/191 cannot be ruled out .

It has made a high of 194.15 today and declined from that level. Overall trend is weak as long as resistance 194.20 holds.

The minor support are 193/192.40/192.

It is good to sell on rallies around 193.60-65 with SL around 194.20 for the TP of 192.40/192
hey...thx for sharing your idea here is my view:


The rebound ended 194,36. After this high was made a consolidation started and is now forming a bullish flag (with tp @ 200). To date the consolidation ended exactly @ its fibo 38,2 - the minimal correction level. The consolidation seems to be healthy at the moment. The bullish scenario is still intact.
Prices below 189-189,5 weaken the bullish szenario - a dip to its low @ 184,9 should be planned.
Prices above its green and yellow "2" generate long signals.
former analysis:
The pair is starting a Rebound @ ist shortterm 0,5 fibo retracement @ 185.36.
Have a look @ the supporting Levels EMA & SMA 200. Trading below these moving averages generates a possible target @ 176,3 (former supporting lows).
If this Level also can not be defended, the longterm trend will be hurt and a drop to the longterm fibo Minimum correction level @ 167,3 appears. Worts case target 0,5/0,618 % fibos @ 158,46/149,68
Trading above 189.5/189.75 will reanimate the bullish Setup.
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