Technical analysis of GBP/JPY
EUR/GBP reached buy target 0.8900
- EUR/GBP reached buy target 0.8900
- Next buy target - 0.9000
EUR/GBP continues to rise after the earlier breakout of the resistance level 0.8900 (which reversed the previous waves A and (b) and which was set as the buy target in our previous forecast for this currency pair). The breakout of the resistance level 0.8900 should accelerate the active minor impulse wave C, which belongs to the intermediate ABC correction (B) from the middle of September. EUR/GBP is expected to rise to the next buy target at the next round resistance level 0.9000.
If we see a pullback from the lower 'Window', the pair is likely going to test the nearest Moving Averages...
Bearish Ichimoku Cloud with falling Senkou Span A and rising Senkou Span B; a dead cross of Tenkan-sen and Kijun-sen with falling lines.
The picture on W1 looks very much like the “Head and Shoulders” with the neckline at 3.68 or 3.56.