GBP/JPY forms Bullish Gartley pattern, good to buy on dips
Harmonic Pattern formed – Bullish Gartley Pattern
Potential Reversal Zone (PRZ) – 143.15
The pair jumped slightly from the low of 144.03 but not able hold at higher levels. It has made a high of 145.62 yesterday and started to decline from that level. It is currently trading around 144.59.
GBP/JPY should break above temporary top around 146.03 for further bullishness.
On the lower side, 100- HMA (144.30) will be acting as major support and any break below will drag the pair down till 143.20/142.50.The low made on Dec 4th will be acting as near term support. So any violation below will drag the pair down till 140.
It is good to buy on dips around 143.25-143.30 with SL around 142.50 for the TP of 145.25/146
Potential Reversal Zone (PRZ) – 143.15
The pair jumped slightly from the low of 144.03 but not able hold at higher levels. It has made a high of 145.62 yesterday and started to decline from that level. It is currently trading around 144.59.
GBP/JPY should break above temporary top around 146.03 for further bullishness.
On the lower side, 100- HMA (144.30) will be acting as major support and any break below will drag the pair down till 143.20/142.50.The low made on Dec 4th will be acting as near term support. So any violation below will drag the pair down till 140.
It is good to buy on dips around 143.25-143.30 with SL around 142.50 for the TP of 145.25/146
