GBPJPY Might Target Resistance Around 145.00

03 September 2020

GBPJPY might be looking to hit 145.00 resistance in the near term. The currency has hit fibonacci 0.785 retracement of the entire drop between 148.00 and 124.00 around 143.00 recently. A push beyond 143.00 would encourage bulls to take out 145.00 resistance.

GBPJPY potential wave counts are as follows: The currency had dropped from 148.00 through 124.00 in 3 waves, hence corrective. The above drop could either be last wave within a potential ending diagonal at a larger degree, or just a correction.

If the former count holds well, GBPJPY would remain in control of bulls and continue past 145.00 and 148.00 levels in the next few weeks. Alternately, if the previous drop was just a correction, GBPJPY might reverse lower from here, and push towards 124.00.

We have marked the wave accordingly on the chart here. If the recent rally from 124.00 through 143.00 was just a pullback or corrective wave, prices should reverse sharply from here and break below 132.00 support.

Alternately, if an impulse is underway from 124.00, GBPJPY might only drop in a corrective manner and hold above 132.00 mark. Eventually, the pair might be bought on dips as bulls would be poised to target 145.00 and 148.00 respectively.

Immediate support is seen at 138.00/20 and a break lower would confirm that short term trend has turned lower. Traders might watch out for support around 136 to initiate long positions again.

Prepared by
Technical Analysis Team

Disclaimer: This information has been produced by a third party, for general information purposes only, and is not indicative of future results. Abans Global takes no responsibility for its accuracy or completeness. Any opinions expressed do not reflect those of Abans Global. This information does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such. You should seek independent advice before making investment decisions. Reproduction of this information, in whole or in part, is not permitted. Please note: If you are a Professional client, you are not eligible for negative balance protection and you could lose more than your initial deposit.

Trade with
Abans Global

  • Authorised and Regulated by FCA
  • Customer Support 24/5
  • Low Spread & Commission
  • Instant Execution
  • No Dealing Desk
Interested in knowing more about our products

Simply send an e-mail to us at: support@abansglobal.co.uk
Contact us on +44(0) 203 936 9000

We will be happy to address all your queries

Our Products

Offering state of the art execution services through multiple top-tier liquidity providers. Abans Global provides you with a tailor-made solution to match the demanding requirements of your business, with the multi-assets offering, advanced trading platforms and FIX API connectivity that provides ultra-low latency.

Forex

Forex

Know More

View more
Cfd’s

Cfd’s

Know More

View more
Equities

Equities

Know More

View more
Indices

Indices

Know More

View more
Commodities

Commodities

Know More

View more

Create Demo Account

Try Demo

Create Live Account

Sign In