GBP/JPY forms bearish Shark pattern, good to sell on rallies
Harmonic pattern formed: Bearish shark pattern
Potential Reversal Zone (PRZ) – 144.78
GBPJPY has formed bearish Shark pattern in the daily chart and potential reversal zone is around 144.78. It is currently trading around 143.44.
On the higher side any further bullishness can be seen above 144.80 level. Any break above that level confirms major trend reversal and jump till 148.45.
The near support is around 141.96 and any break below will drag the pair down till 140/139.58 (55 day EMA)/138.85 (61.8% retracement of 135.59 and 143.89).
It is good to sell on rallies around 143.65-70 with SL around 144.80 for the TP 140/138.90.
Potential Reversal Zone (PRZ) – 144.78
GBPJPY has formed bearish Shark pattern in the daily chart and potential reversal zone is around 144.78. It is currently trading around 143.44.
On the higher side any further bullishness can be seen above 144.80 level. Any break above that level confirms major trend reversal and jump till 148.45.
The near support is around 141.96 and any break below will drag the pair down till 140/139.58 (55 day EMA)/138.85 (61.8% retracement of 135.59 and 143.89).
It is good to sell on rallies around 143.65-70 with SL around 144.80 for the TP 140/138.90.
