Bottom line: GBPJPY seems to be very close to terminate its intermediary corrective wave since 148.00 highs. The support zone has been defined near 139.50/140.00 and a bullish bounce can be expected there.
Technical Analysis:
GBPJPY intermediary corrective drop is approaching a major support around 139.50 levels. After weeks of sideways movement since 148.00 highs, the GBPJPY has finally produced Wave c lower towards 139.50 levels. Looking at the intermediary corrective phase since 148.00 highs, the single currency pair has probably produced a zigzag a-b-c and is very close to terminate wave c before turning bullish again. Please note that wave b within the correction had unfolded into a triangle structure that terminated at 144.95 on February 21, 2020. Traders who had initiated aggressive short positions around those levels might be willing to take profits between 139.50/140.00 levels and looking to initiate long positions again with a protective stop below 132.50 (shall reduce risk going forward), and protected targets above 148.00 respectively. Looking into the larger wave structure since 126.50 lows, the GBPJPY pair has produced larger degree waves 1, 2, 3, and very close to terminating Wave 4 around 139.50 levels. Please note that Wave 3 was an extension and sub divided into 5 waves between 126.70 and 148.00 respectively. Since then a higher degree Wave 4 has been progressing and it has now turned out to be a zigzag 5-3-5 structure close to termination around 139.50 respectively. If the above counts are correct, the currency pair would produce a bullish bounce around 139.50/140.00 levels and push higher above 148.00 to terminate Wave 5 and complete the impulse at one higher degree. Watch out for a bullish reversal from above levels as traders prepare to exit short positions and initiate fresh longs targeting above 148.00 going forward.
Prepared by
Harsh Japee, Technical Analyst.
GBPJPY Chart
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