There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
GBP/JPY rising inside minor corrective wave (iv)
- GBP/JPY rising inside minor corrective wave (iv)
- Next buy target - 143.20
GBP/JPY has been rising strongly in the last few trading sessions inside the minor corrective wave (iv), which started earlier from the combined support area located between the key support level 139.30 (which reversed the price in the middle of June, as can be seen below) and he lower daily Bollinger Band. GBP/JPY is expected to rise to next buy target at the next resistance level 143.20 (top of the earlier correction (iv)), which strands close to the 38.2% Fibonacci retracement of the earlier downward impulse from the start of August.
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.