Chart : GBP/JPY
Harmonic Analysis:
The GBP/JPY chart clearly shows a "Shark Pattern," with the D point nearing completion at the 197.1 to 197.5 zone.
This Shark pattern suggests that if the D point is reached, the market might face a downward move or reversal.
Opportunities and Risks:
Opportunity: If GBP/JPY reaches 197.1-197.5 (the D point), a reversal to the downside could occur.
Risk: If the price breaks above 197.5, the Shark Pattern might fail, leading to further bullish momentum.
Recommendation:
Wait for GBP/JPY to reach the 197.1-197.5 zone before taking any action. If the market reverses at this level, it could provide a good opportunity to short the market.
Conclusion:
GBP/JPY: Watch for the Shark Pattern completion (197.1-197.5).
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.