FxWirePro: GBP/JPY forms bullish shark pattern, good to buy on dips
Harmonic pattern- Bullish Shark pattern. GBP/JPY has shown a huge decline of 300 pips from the high of 156.60. The major reason for decline was increase of safe haven due to global sell-off in stock market. It has dipped…
GBP/JPY has shown a huge decline of 300 pips from the high of 156.60. The major reason for decline was increase of safe haven due to global sell-off in stock market. It has dipped till 151.20 and is currently trading around 152.65.
The pair is recovering slightly from the low of 151.20 level. The near term resistance is around 152.70 (233- 4H MA) and any break above will take the pair to next level 153 (support turned into resistance)/154. Overall bearish invalidation only above 156.60.
On the lower side, near term support is around 151.20 and any break below will drag the pair till 150.75/150.
It is good to buy on dips around 152.15-20 with SL around 151.20 for the TP of 153.50/154.
