GBP/JPY Is Still Falling

After GBP/JPY reached the resistance at 131.06 that coincides with the (MA)89 indicator on the one-hour time-frame and formed a shooting star candlestick under it on the same time-frame the pair continued its overall move to the downside that started at the beginning of September. The pair just broke below the support at 130.30 and is testing the one at 130.06, but it will likely break out below that level as well. If it does it’s almost certain that the move to the downside will continue until the pair reaches the previous low at 129.62 and if the shooting star candlestick that has also formed on the four-hour time-frame is any indication the drop will continue below that level as well.