FxWirePro:GBP/JPY forms Bullish Gartley Pattern, good to buy on dips
Harmonic pattern formed- Bullish Gartley pattern Potential Reversal Zone (PRZ) – 136.45 The pair has declined sharply after forming temporary top around 144.78 on Jan 27th 2017 and started to decline from that level. GBP…
The pair has declined sharply after forming temporary top around 144.78 on Jan 27th 2017 and started to decline from that level.
GBP/JPY has taken support near 138.50low made on Nov 29th 2016 low and jumped sharply from that level. The next immediate resistance is around 141 (7- day EMA) and any break above will take the pair to next level till 142.01 (10- day MA)/142.40 (61.8% retracement of 144.80 and 138.53)/143.
On the lower side, any break below 138.50 confirms minor weakness and a decline till 136.45 likely. Short term weakness can be seen only below that level 136.45.
It is good to buy on dips around 140 with SL around 138.50 for the TP of 142/142.90
