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.

Share
Published by
The FxPro Tech Analysis Team
Tags: GBPJPY

Recent Posts

USDJPY Wave Analysis 6 May 2024

- USDJPY reversed from support zone - Likely to rise to resistance level 155.65 USDJPY…

11 hours ago

Gold Wave Analysis 6 May 2024

- Gold reversed from support zone - Likely to rise to resistance level 2400.00 Gold…

11 hours ago

Oil Bounces Locally, Global Support 5% below Spot Price

The number of operating oil rigs in the US fell by 7 to 499. This…

15 hours ago

Crypto Market Tries to Break Local Downtrend

Market picture  Crypto market capitalisation has been up 2% over the past seven days and…

21 hours ago

Adobe Wave Analysis 3 May 2024

- Adobe reversed from support zone - Likely to rise to resistance level 500.00 Adobe…

3 days ago

EURGBP Wave Analysis 3 May 2024

- EURGBP reversed from support zone - Likely to rise to resistance level 0.8625 EURGBP…

3 days ago

This website uses cookies