Candle stick pattern- Bearish engulfing
- GBP/JPY has made a high of 194.58 yesterday and retreated from that level. It is still weak as long as resistance 195 holds.
- Any break above major resistance targets 195.85/196.
- On the downside major support is around 193 and any break below will drag the pair further down till 192/191.
- Bullish invalidation only below 190.50.
It is good to sell on rallies around 193.75-80 With SL around 194.70 for the TP of 192/191.10.
The material has been provided by InstaForex Company – www.instaforex.com