GBP/JPY Found Some Support

GBP/JPY bounced off from the resistance at 149.30 after it formed a hanging man candlestick and a shooting star candlestick below that level on the four-hour time-frame about a week ago, and the pair has been moving to the downside ever since. Today it finally found some support at 145.70 and formed a pair of spinning top candlesticks at that level on the same time-frame, then bounced off from the support. Considering those candlesticks, there may be some retracement towards 146.50, or even towards 147.00, which is the (MA)89 indicator on the four-hour time-frame. The overall trend, however, is still quite bearish and the pair will likely eventually continue falling.