EUR/USD reversed from support zone Next buy target - 1…
GBP/JPY reversed from resistance zone
- GBP/JPY reversed from resistance zone
- Next sell target - 152.00
GBP/JPY recently reversed down from the resistance zone lying between the key resistance level 156.00 (top of the previous impulse wave (i)) and the upper daily Bollinger Band. The latest downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star. Given the clear bearish divergence on the daily Stochastic indicator - GBP/JPY is expected to fall further to the next sell target at the next support level 152.00 (low of wave (ii)).
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.