FxWirePro : GBP/JPY Trade Idea

• Harmonic pattern – Bearish AB=CD pattern.
   
• Trend line support- 155.50
   
• GBP/JPY has been declining after forming a top around 155.85. The pair formed Bearish AB=CD pattern and any further bullishness only above 155.85. It is currently trading around 155.52.
   
• On the lower side, major intraday support is around 155 (hourly Kijun- Sen) and any break below will drag the pair to next level till 154.45/154. Major weakness can be seen below 153. Level.
   
• The near term resistance is around 156 and any break above will take the pair to next level till 157/158.

It is good to sell on rallies around 155.65-70 with SL around 156.25 for the TP of 154/153.

Resistance
 

R1- 155.85
 

R2 -156.50
 

R3-157
 

Support               
 

S1-155
 

S2-154.45
 

S3- 154