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GBP/JPY Trade idea

Friday, May 20, 2016 11:16 AM UTC

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 160.88.
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 nay 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

R1-161.80

R2-162.80

R3-164.10

Support

S1-160

S2-159.15

S3-158

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GBP/JPY Trade idea

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