GBPJPY - Shooting Star
A shooting star has ended the week.
If we were to break down below the bottom of the shooting star, then it is likely that the market goes to look towards the ¥157.50 level, maybe even lower than that.
A pullback certainly makes quite a bit of sense and I think would be welcomed news by both the bullish and bearish alike. The USD/JPY pair has pressed up against major resistance and failed during this past week, a resistance that has held for several years. This is possibly a sign that we have finally run out of the upward momentum that has been so apparent as of late.
Expect a pullback to go around the 157.5 mark maybe lower.
If we were to break down below the bottom of the shooting star, then it is likely that the market goes to look towards the ¥157.50 level, maybe even lower than that.
A pullback certainly makes quite a bit of sense and I think would be welcomed news by both the bullish and bearish alike. The USD/JPY pair has pressed up against major resistance and failed during this past week, a resistance that has held for several years. This is possibly a sign that we have finally run out of the upward momentum that has been so apparent as of late.
Expect a pullback to go around the 157.5 mark maybe lower.
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