Technical analysis

GBPJPY Wave Analysis – 4 November, 2021

GBPJPY Wave Analysis – 4 November, 2021

• GBPJPY broke support level 155.00

• Likely to fall to support level 152.60                                                                        

GBPJPY currency pair continues to fall after the pair broke the support level 155.00, intersecting with the 38.2% Fibonacci correction of the previous sharp upward impulse wave 3.

The breakout of the support level 155.00 accelerated the active short-term corrective wave 4.

Given the prevailing sterling bearishness, GBPJPY currency pair can be expected to fall further toward the next support level 152.60 (target for the completion of the active wave 4).

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