Technical analysis

GBPJPY Wave Analysis – 16 November, 2021

GBPJPY Wave Analysis – 16 November, 2021

• GBPJPY reversed from pivotal support level 152.50

• Likely to rise to resistance level 155.00                                                                  

GBPJPY recently reversed up sharply from the pivotal support level 152.50 (former strong resistance from September) – strengthened by the 100-day moving average and by the 61.8% Fibonacci correction of the upward impulse 1 from July.

The upward reversal from the support level 152.50 stopped the earlier sharp downward wave (a).

Given the strength of the support level 152.50 and the rising sterling bullishness, GBPJPY can be expected to rise further toward the next round resistance level 155.00.

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