GBPJPY Wave Analysis – 18 June, 2020

• GBPJPY broke support level 133.60

• Likely to fall to 130.75

GBPJPY recently broke through the support level 133.60 (low of the earlier wave A), intersecting with the 38.2% Fibonacci retracement of the previous upward impulse from March.

The breakout of the support level 133.60 should accelerate the active short-term impulse wave C – which belongs to ABC correction (2) from the start of June. GBPJPY is likely to fall further toward the next support level 130.75 (likely price for the completion of the active impulse wave C).