GBP/JPY Is Testing 144.85

After an incredible and almost uninterrupted move to the upside that lasted almost two months the bullish trend showed signs of exhaustion and GBP/JPY finally found resistance at 148.45, formed an impressive shooting star candlestick on the daily time-frame below that resistance and started falling. Currently the pair is testing the support at 144.85 and unless it forms a double bottom at that level and bounces off it GBP/JPY will continue falling towards the closest obvious support level at 144.45, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level will probably lead to a further move to the downside towards 144.00.