Technical analysis

GBPJPY Wave Analysis 16 April, 2021

GBPJPY Wave Analysis 16 April, 2021

• GBPJPY reversed from support level 149.65

• Likely to rise to resistance level 151.00

GBPJPY recently reversed up from the multi-candle support level 149.65 (which has been steadily reversing this currency pair from the start of this month).

The upward reversal from the support level 149.65 stopped the previous minor ABC correction 4.

Given the oversold daily Stochastic and the strong daily uptrend – GBPJPY is likely to rise further toward the next resistance level 151.00.

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