GBP/JPY May Have Broken Above 139.40

GBP/JPY finally reached the resistance at 139.40, which coincides with the (MA)89 indicator on the daily time-frame after it bounced off from 135.50. The pair formed a very obvious shooting star candlestick again on the daily time-frame at that level, but despite that it is still slowly pushing to the upside and is currently above the indicator. Time will tell whether this is a true breakout or the shooting star candlestick is a valid signal for a new move to the downside, but if it is, indeed, a breakout, we could likely expect a further move to the upside towards the next resistance at 140.90 – 141.00. On the other hand, if the signal for a drop is valid then there will probably be a move to the downside towards 136.00 – 135.50 again.