Technical analysis

GBPJPY Wave Analysis – 19 July, 2021

• GBPJPY broke support zone
• Likely to fall to support level 148.70

GBPJPY currency pair recently broke the support zone lying between the support level 150.80 (which formed the daily Bullish Engulfing at the start June) and the 100-day moving average.

The breakout of this support zone continues the active short-term impulse wave C – which belongs to the medium-term ABC correction (2) from the end of May.

GBPJPY can be expected to fall toward the next support level 148.70 (which formed the daily Morning Star at the end of March).

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