GBPJPY Wave Analysis 6 April, 2021
April 06, 2021 @ 17:59 +03:00
• GBPJPY reversed from long-term resistance level 153.35
• Likely to reach support level 150.00
GBPJPY recently reversed down from the long-term resistance level 153.35 (which reversed the pair at the start of 2018) – strengthened by the upper weekly Bollinger Band.
The downward reversal from the resistance level 153.35 stopped the previous intermediate upward impulse wave (5).
Given the overbought weekly Stochastic – GBPJPY is likely to fall further toward the next support level 150.00 (former resistance from February).