GBP/JPY forms bearish BAT pattern, good to sell on rallies
Harmonic pattern formed: Bearish BAT pattern
Potential Reversal Zone (PRZ)- 188
GBP/JPY has recovered till 187.33 after making a low of 185.92 yesterday. It is currently trading at 186.25.
Short term trend is bearish as long as resistance 187.50 holds.
Any break above 187.50 will take the pair to next level till 188.
Overall trend reversal only above 188.
On the downside minor support is around 185.80 and any break below will drag the pair till 185/184.30.
It is good to sell on rallies around 186.85-90 with SL around 188 for the TP of 185/184.30
Potential Reversal Zone (PRZ)- 188
GBP/JPY has recovered till 187.33 after making a low of 185.92 yesterday. It is currently trading at 186.25.
Short term trend is bearish as long as resistance 187.50 holds.
Any break above 187.50 will take the pair to next level till 188.
Overall trend reversal only above 188.
On the downside minor support is around 185.80 and any break below will drag the pair till 185/184.30.
It is good to sell on rallies around 186.85-90 with SL around 188 for the TP of 185/184.30