Technical analysis

GBPJPY Wave Analysis 10 November, 2020

GBPJPY Wave Analysis 10 November, 2020

• GBPJPY broke resistance level 137.65

• Likely to rise to 140.00

GBPJPY recently broke the key resistance level 137.65 (which reversed the price twice in October) – standing close to the 50% Fibonacci correction of the pervious downward correction from August.

The breakout of the resistance level 137.65 accelerated the active medium-term upward impulse wave (3) from the end of last month.

Given the predominant sterling bullishness – GBPJPY is likely to rise further toward the next round resistance level 140.00 – the breakout of which can lead to further gains toward 142.00 (target for the completion of the active wave (3)).

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