Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

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

  • Harmonic Pattern – Bearish Bat pattern
     
  • Potential Reversal Zone (PRZ)- 148.15
     
  • GBP/JPY continuing its bullish trend for past seven trading session. The pair formed minor bottom around 138.67 and jumped till 146.54 yesterday. It is currently trading around 145.75.
     
  • GBP has once again failed to break above 1.3030 and market awaits UK  manufacturing PMI  for further direction.
     
  • On the lower side, near term support is around 144.50 (21 EMA) and any break below will drag the pair down till 142.63 (89- EMA)/141.65 (61.8% retracement of 138.67 and 146.53).
     
  • The near term resistance is around 146.53 high made yesterday and any break above will take the pair till 147/148.10 (May 10th 2017).

It is good to sell on rallies around 146.70-146.75 with SL around 148.11 for the TP of 144.55/142.75.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.