GBPJPY Wave Analysis 17 July 2024

– GBPJPY reversed from the resistance area

– Likely to fall to support level 201.65

GBPJPY currency pair continues to fall after the price reversed down from the resistance area located between the upper trendline of the weekly up channel from last year and the upper weekly Bollinger Band.

The downward reversal from this resistance area created the weekly Japanese candlesticks reversal pattern Doji.

Given the overbought weekly Stochastic, strongly bearish sterling sentiment, and the equally strong yen optimism seen recently, GBPJPY currency pair can be expected to fall further to the next support level 201.65.