Market Snapshots

GBPJPY Wave Analysis 18 December, 2020

GBPJPY Wave Analysis 18 December, 2020

• GBPJPY reversed from pivotal resistance level 140.00

• Likely to fall to 137.65

GBPJPY today reversed down once again from the pivotal resistance level 140.00 (which has reversed down all upward waves from November as can be seen below).

The resistance level 140.00 was further strengthened by the upper daily Bollinger Band and by the proximity of the resistance trendline of the daily up channel from September.

Given strong bearish sterling sentiment seen today – GBPJPY is expected to fall further toward the next support level 137.65.

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