• Harmonic pattern Formed – Bullish Butterfly Pattern
   
• Potential Reversal Zone (PRZ) -139
   
• The pair forms Bullish butterfly pattern with PRZ around 139 and any further weakness only below 139 level.  GBP/JPY currently trading around 139.96.
   
• On the higher side, 140.45 (55- H EMA) will be acting as major resistance and any break above targets 140.92 (200- H EMA)/141.77.
   
• The major support is around 139 and break below targets 138.53 (Feb 7th 2017 low)/136.45Jan 16th 2017 low).
   
• Short term bullish invalidation only below 136.45 level.
  
  It is good to buy on dips around 139.75-139.80 with SL around 139 for the TP of 140.90/141.77.