FxWirePro: GBP/JPY Trade Idea

• Harmonic Pattern – Bearish Bat pattern
   
• Potential Reversal Zone (PRZ)- 148.15
   
• GBP/JPY continuing its bullish trend for past seven trading session. The pair formed minor bottom around 138.67 and jumped till 146.54 yesterday. It is currently trading around 145.75.
   
• GBP has once again failed to break above 1.3030 and market awaits UK  manufacturing PMI  for further direction.
   
• On the lower side, near term support is around 144.50 (21 EMA) and any break below will drag the pair down till 142.63 (89- EMA)/141.65 (61.8% retracement of 138.67 and 146.53).
   
• The near term resistance is around 146.53 high made yesterday and any break above will take the pair till 147/148.10 (May 10th 2017).

It is good to sell on rallies around 146.55-60 with SL around 148.11 for the TP of 144.55/142.75.

Resistance

R1-147.10

R2-148.11

R3-150

Support               

S1-144.50

S2-142.60

S3- 141.65