Categories: Technical analysis

GBPJPY Wave Analysis 10 November, 2020

• GBPJPY broke resistance level 137.65

• Likely to rise to 140.00

GBPJPY recently broke the key resistance level 137.65 (which reversed the price twice in October) – standing close to the 50% Fibonacci correction of the pervious downward correction from August.

The breakout of the resistance level 137.65 accelerated the active medium-term upward impulse wave (3) from the end of last month.

Given the predominant sterling bullishness – GBPJPY is likely to rise further toward the next round resistance level 140.00 – the breakout of which can lead to further gains toward 142.00 (target for the completion of the active wave (3)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team

Recent Posts

Bitcoin’s Downtrend, Solana and Ethereum Form Double Bottom

Market picture  Crypto market capitalisation rose 3.3% in 24 hours to $2.22 trillion. Local capitalisation…

4 hours ago

EURJPY Wave Analysis 2 May 2024

- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…

18 hours ago

WTI crude oil Wave Analysis 2 May 2024

- WTI broke round support level 80.00 - Likely to fall to support level 76.00…

18 hours ago

ADP hints at another strong NFP on Friday

The monthly ADP labour market report showed that America created 192K new jobs in April, above…

2 days ago

Fed’s hawkish tone risks sinking S&P500 to 4700

Bears showed strength ahead of the FOMC decision.  U.S. indices sagged on Tuesday as investors…

2 days ago

A new stage of Bitcoin’s decline

Market Picture  Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…

2 days ago

This website uses cookies