GBPJPY Wave Analysis 8 April, 2021

• GBPJPY broke support level 151.00

• Likely to reach support level 148.50

GBPJPY recently broke the support level 151.00 intersecting with the 50% Fibonacci correction of the upward impulse wave (iii) from the end of March.

The breakout of the support level 151.00 accelerated the active minor corrective wave (iv) from the start of April.

GBPJPY is likely to fall further toward the next support level 148.50 (low of the previous corrective wave (ii) and the target for the completion of the active wave (iv)).