GBPJPY Wave Analysis – 21 August, 2020

• GBPJPY reversed from resistance area

• Likely to fall to 138.00

GBPJPY recently reversed down from the resistance area lying between the key resistance level 139.60 (monthly high from June) standing near the 61.8% Fibonacci correction of the previous sharp downward impulse from December.

The downward reversal from the resistance level 139.60 started the active short-term corrective wave 2.

GBPJPY is likely to fall further toward the next support level 138.00 (low of the previous short-term correction from the start of August).