FxWirePro:GBP/JPY forms Bullish Gartley pattern,good to buy on dips
Harmonic pattern – Bullish Gartley pattern Potential Reversal Zone (PRZ) – 138.56. GBP/JPY has once again shown a mild jump after hitting a low of 138.89. The pair jumped till 139.43 and is currently trading around 139.2…
GBP/JPY has once again shown a mild jump after hitting a low of 138.89. The pair jumped till 139.43 and is currently trading around 139.29.
Potential reversal Zone is 138.55 and any violation below will drag the pair down till 138/136.45.
The major resistance is around 140.60 and any break above will take the pair till 141.75/142.36 level in the short term. The minor resistance is around 139.86 (61.8% retracement of 140.46 and 138.89).
Short term bullish invalidation only below 136.45.
It is good to buy on dips around 139.20 with SL around 138.85 for the TP of 140.60/141.75.
