Hammer formation on the GBP/JPY

The hammer formation is a Japanese candlestick bullish reversal pattern. The pattern is formed when the price has been falling, but it gets to a level from where it goes back up during the same session of the candlestick and leaves a relatively long lower shadow to close almost at the same level where it opened. The color of the candlestick is irrelevant, what it really matters is that the price has closed almost at the opening level at the end of the session. The long lower shadow is telling us that the buyers have taken control of the market. If the following candle is bullish, then that confirms the pattern and the price may continue heading higher as we can see on the daily chart of the GB/JPY. We can see on the chart that if the price continues heading higher, then it may find some resistance around the 145.41 level. To the downside, the 143.00 level may act as a temporary support, but the low of the hammer candle at the 140.44 level may act as a better support.