Categories: Technical analysis

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).

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.

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Tags: GBPJPY

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