GBPJPY Wave Analysis 4 September 2024

– GBPJPY reversed from resistance level 192.40

– Likely to fall to support level 188.00

GBPJPY currency pair recently reversed down from the key resistance level 192.40 (which has been reversing the price from the middle of April) standing near the upper daily Bollinger Band.

The resistance level 192.40 was further strengthened by the 50% Fibonacci correction of the sharp downward impulse C from the start of July.

Given the strength of the resistance level 192.40, GBPJPY currency pair can be expected to fall further to the next support level 188.00, low of the previous correction 2.