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FxWirePro: GBP/JPY forms potential bearish bat pattern, good to sell on rallies

Friday, June 30, 2017 8:06 AM UTC

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 146.53 yesterday. It is currently trading around 145.75.
GBP was trading higher against all major pairs in this week after hawkish comments for BOE governor Carney on rate hike. Market awaits UK GDP especially consumer spending component 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 146.70-146.75 with SL around 148.11 for the TP of 144.55/142.75.

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FxWirePro: GBP/JPY forms potential bearish bat pattern, good to sell on rallies

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