Technical analysis

GBPJPY Wave Analysis – 7 July, 2020

GBPJPY Wave Analysis – 7 July, 2020

• GBPJPY broke resistance area

• Likely to rise to 136.30

GBPJPY recently broke the resistance area lying between the resistance level 133.90 (top of the previous impulse wave (1)) and the 38.2% Fibonacci correction of the previous ABC correction from June.

The breakout of the resistance area accelerated the active medium-term impulse wave (3) from last month. GBPJPY is likely to rise further toward the next resistance level 136.30 (top of the previous wave (B) and the target for the completion of the impulse (3)).

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