Technical analysis

GBPJPY Wave Analysis – 09 November , 2018

  • GBPJPY reversed from resistance area
  • Further losses are likely

GBPJPY continues to fall after the recent downward reversal from the resistance area lying at the intersection of the multi-month resistance level 149.30 (which has been reversing the price from May), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous downward impulse from April.

The downward reversal from this resistance area stopped the previous medium-term ABC correction (2) from the end of October.

GBPJPY is expected to fall further and re-test the next support level 147.00 (former support from September and October).

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