NZD/JPY falling inside minor impulse wave C Next sell target - 76…
GBP/JPY reversed from resistance zone
- GBP/JPY reversed from resistance zone
- Next sell target - 150.00
GBP/JPY today reversed down from the resistance zone lying between the powerful resistance level 152.50 (which has been reversing the price from the middle of September) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the earlier minor impulse wave (iii). With the overbought daily Stochastic - GBP/JPY is expected to correct down to the nearby support level 150.00 (which reversed the previous minor correction (ii) in December).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.