- GBPJPY reversed from the resistance area
- Likely to fall to support level 193.65
GBPJPY currency pair recently reversed down from the resistance area between the pivotal resistance level 196.00 (which has been reversing the price from March) and the upper daily Bollinger Band.
The downward reversal from this resistance zone will most likely form the daily Japanese candlesticks reversal pattern Bearish Engulfing - if the price closes today near the current levels.
Given the overbought daily Stochastic, the GBPJPY currency pair can be expected to fall to the next support level at 193.65 (the low of the previous minor correction ii).
- Likely to fall to support level 193.65
GBPJPY currency pair recently reversed down from the resistance area between the pivotal resistance level 196.00 (which has been reversing the price from March) and the upper daily Bollinger Band.
The downward reversal from this resistance zone will most likely form the daily Japanese candlesticks reversal pattern Bearish Engulfing - if the price closes today near the current levels.
Given the overbought daily Stochastic, the GBPJPY currency pair can be expected to fall to the next support level at 193.65 (the low of the previous minor correction ii).
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Alexander Kuptsikevich,
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Chief Market Analyst at FxPro
----------
Follow our Telegram channel t.me/fxpro dedicated to providing insightful market analysis and expertise.
Reach out to media.comments@fxpro.com for PR and media inquiries
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.