GBP/JPY forms Bullish Cypher pattern, good to sell on rallies

Harmonic Pattern Formed- Bullish Cypher pattern

Potential reversal Zone (PRZ)- 187
 

• The Pair has made a high of 186.97 and started to retreat from that level. Overall trend is still bearish as long as resistance 187.50 holds.
   
• Any break above 187 will take the pair to next target 187.50/188.25 in short term.
   
• On the downside major support is around 185.40 and any break below 185.40 will drag the pair till 184.80/184.40.

It is good to sell on rallies around 186.20-25 with SL around 187 for the TP of 185.45/184.50