Adobe Wave Analysis 18 March 2024

– Adobe reversed from round support level 500.00

– Likely to rise to resistance level 529.30

Adobe recently reversed up with the with the daily Doji from the major round support level 500.00 (which has been repeatedly reversing the price from last August).

The support level 188.50 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward uptrend from last May.

Given the clear daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 529.30 (former low of the previous impulse wave 1 from last month).