USD/JPY forms Bearish Gartley pattern, good to sell on rallies
Harmonic pattern- Bearish Gartley pattern
Potential Reversal Zone (PRZ)- 113.20
USDJPY jumped more than 200 pips from the low of 110.38 in the past two trading days. The pair hits high of 112.44 and shown a minor decline. It has formed bearish gartley pattern and major near term resistance is around 112.50 and any break above targets 113.20/114/114.73.
On the lower side, near term support is around 112 and any violation below will drag the pair down till 111.47 (100- 4H MA)/111. It should break below 110 for further weakness.
It is good to sell on rallies around 112.40-45 with SL around 113 for the TP of 111/110.40.
Potential Reversal Zone (PRZ)- 113.20
USDJPY jumped more than 200 pips from the low of 110.38 in the past two trading days. The pair hits high of 112.44 and shown a minor decline. It has formed bearish gartley pattern and major near term resistance is around 112.50 and any break above targets 113.20/114/114.73.
On the lower side, near term support is around 112 and any violation below will drag the pair down till 111.47 (100- 4H MA)/111. It should break below 110 for further weakness.
It is good to sell on rallies around 112.40-45 with SL around 113 for the TP of 111/110.40.