FxWirePro:GBP/JPY forms Bullish Gartley pattern,good to buy on dips
Tuesday, March 21, 2017 6:49 AM UTC
- Harmonic pattern – Bullish Gartley pattern
- Potential Reversal Zone (PRZ) – 138.56.
- GBP/JPY has once again shown a mild jump after hitting a low of 138.89. The pair jumped till 139.43 and is currently trading around 139.29.
- Potential reversal Zone is 138.55 and any violation below will drag the pair down till 138/136.45.
- The major resistance is around 140.60 and any break above will take the pair till 141.75/142.36 level in the short term. The minor resistance is around 139.86 (61.8% retracement of 140.46 and 138.89).
- Short term bullish invalidation only below 136.45.
- It is good to buy on dips around 139.20 with SL around 138.85 for the TP of 140.60/141.75.