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FxWirePro- Major US Indices

GBPJPY Bulls on Guard: Buy the Dip at 206 as Support Holds Firm – Target 208 in Sight

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GBP/JPY Trade Idea

Monday, December 21, 2015 11:22 AM UTC

Harmonic Pattern Formed- Bullish Shark pattern
Potential Reversal Zone (PRZ) - 179.70
The pair has declined till 180.32 and started to recover from that level. It is currently trading at 181.15
Any break below 180.30 will drag the pair till 179.70/178.75 level in short term. On the higher side major resistance is around 182.30 and break above will take the pair to next level 182.85/183.32.

It is good to buy at dips around 180.50-60 with SL around 179.65 for the TP of 182.30/182.85

R1-182.30

R2-182.85

R3-183.30

Support

S1-180.30

S2-179.70

S3-179

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GBP/JPY Trade Idea

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