GBP/JPY Trade Idea

GBP/JPY Trade Idea

20 May 2016, 14:34
Roberto Jacobs

GBP/JPY Trade Idea

  • Harmonic Pattern Formed- Bearish Bat pattern 
  • Potential Reversal Zone (PPRZ) – 162.80 
  • GBP/JPY has completed Bearish Bat Pattern at 161.80 and slightly declined from that level. It is currently trading around 160.60. 
  • Short term trend is lightly weak as long as resistance 162.80 holds. 
  • Any break above 162.80 will take the pair to next level till 164.10/165. 
  • On the lower side support is around 160 and any break below targets 159.20/158.

It is good to sell on rallies around 161.80 with SL around 162.80 for the TP of 160/159.15

Resistance: R1-161.80, R2-162.80, R3-164.10

Support: S1-160, S2-159.15, S3-158

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