EUR/JPY broke key support level 131…
GBP/JPY broke support level 141.30
- GBP/JPY broke support level 141.30
- Next sell target - 139.00
GBP/JPY continues to fall after the earlier breakout of the support level 141.30 (which stopped the previous minor impulse wave (i), as can be seen from the daily GBP/JPY chart below). The breakout of the support level 141.30 should accelerate the active minor impulse wave (iii) – which started earlier from the resistance zone lying between the resistance level 143.20 and the 38.2% Fibonacci correction of the downward impulse from August. GBP/JPY is expected to fall to next sell target at the next support level 139.00.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.