Thursday, October 15, 2026

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FxWirePro:GBP/JPY forms Bullish Butterfly Pattern, good to buy on dips

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…

By FxWirePro Team
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FxWirePro:GBP/JPY forms Bullish Butterfly Pattern, good to buy on dips
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  • 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.

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By FxWirePro Team