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

Harmonic pattern formed: Bearish BAT pattern

Potential Reversal Zone (PRZ)- 188

  • GBP/JPY has recovered till 187.33 after making a low of 185.92 yesterday.  It is currently trading at 186.25.

  • Short term trend is bearish as long as resistance 187.50 holds. 

  • Any break above 187.50 will take the pair to next level till 188.

  • Overall trend reversal only above 188.

  • On the downside minor support is around 185.80 and any break below will drag the pair till 185/184.30. 

It is good to sell on rallies around 186.85-90 with SL around 188 for the TP of 185/184.30

 

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