USD/JPY forms bullish Gartley pattern, good to sell on rallies
Harmonic pattern – Bullish Gartley pattern
Potential Reversal Zone ( PRZ) -121.35
USD/JPY has made a high of 121.25 and declined from that level. It is currently trading at 120.78.
On the downside major support is around 120.50 and break below targets 120/119.60 level.
Short term bullish invalidation only below 119.60.
The pair’s major resistance is around 121.50 and indicative break above will take the pair to next level to 122/122.30.
It is good to sell on rallies around 120.95-121 with SL around 121.35 for the TP of 120.05.
Potential Reversal Zone ( PRZ) -121.35
USD/JPY has made a high of 121.25 and declined from that level. It is currently trading at 120.78.
On the downside major support is around 120.50 and break below targets 120/119.60 level.
Short term bullish invalidation only below 119.60.
The pair’s major resistance is around 121.50 and indicative break above will take the pair to next level to 122/122.30.
It is good to sell on rallies around 120.95-121 with SL around 121.35 for the TP of 120.05.