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FxWirePro: GBP/JPY forms Bearish pattern, good to sell on rallies

  • Harmonic pattern – Bearish AB=CD pattern.
     
  • Potential Reversal Zone (PRZ) - 148.55.
     
  • GBP/JPY has shown a good jump on Friday and hits high of 148.54 and declined more than 100 pips from the high. The pair is currently trading around 147.77.
     
  • The pair has formed Bearish AB=CD pattern in hourly chart and potential reversal zone is around 148.54 level. Any break above 148.55 will take the pair till 149/150.
     
  • On the lower side, near term support is around 147.40 and any break below will drag the pair till 146.95/146.36.

It is good to sell on rallies around 148.35-40 with SL around 149 for the TP of 147.

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