GBP/JPY Is Bearish

GBP/JPY could not quite reach the previous high at 148.09 and bounced off from 147.76 after forming a pair of shooting star candlesticks as well as a spinning top candlestick on the daily time-frame at that level. More importantly, the pair has also formed a hanging man candlestick on the weekly time-frame, also at that level, without quite reaching the (MA)89 indicator on the same time-frame. Considering that particular candlestick, a further move to the downside is very likely. Should that occur the closest target to the downside is at 145.25, which is the previous low. A breakout below that level could lead to a further drop towards the support at 143. 00, which coincides with the (MA)89 indicator on the daily time-frame.