GBP/JPY did the fake breakout of the resistance at 148.22, which resulted that sellers entered the market.
According to the H1 time -frame, we found a hidden bearish divergence on the Stochastic oscillator, which did set the bearish tone today. There is also breakout of the 10h balance support at 148.00, which is another sign of the GBP weakness. Short-term support is seen at the price of 147.00 and 146.15. Key short-term resistance is set at 148.33.
Trading recommendation: We are short GBP from 147.90 and protective stop at 148.35. Downward targets are set at the price of 147.00 and 146.15.
The material has been provided by InstaForex Company – www.instaforex.com
Source:: GBP/JPY analysis for March 01, 2019