GBP/JPY Bounced off from 148.10

GBP/JPY has been moving sharply to the upside for the past month and the pair almost reached the previous high at 148.44 before bouncing off from the resistance at 148.10. What is more, GBP/JPY formed a very telling shooting star candlestick on the weekly time-frame as it bounced off from the aforementioned resistance and that candlestick is a signal for a likely further move to the downside. If the signal is valid then there will probably be a drop towards the support 144.90 – 145.00, which coincides with the (MA)89 indicator on the four-hour time-frame. A breakout below that level could lead to another move to the downside towards 144.00 – 143.80.