Technical analysis

GBPJPY Wave Analysis 6 April, 2021

GBPJPY Wave Analysis 6 April, 2021

• GBPJPY reversed from long-term resistance level 153.35

• Likely to reach support level 150.00

GBPJPY recently reversed down from the long-term resistance level 153.35 (which reversed the pair at the start of 2018) – strengthened by the upper weekly Bollinger Band.

The downward reversal from the resistance level 153.35 stopped the previous intermediate upward impulse wave (5).

Given the overbought weekly Stochastic – GBPJPY is likely to fall further toward the next support level 150.00 (former resistance from February).

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