LeoPrime Daily Market Analysis

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GBPJPY reversed from 144.300 resistance area; Likely to fall to 141.250

GBPJPY recently reversed down with the daily candlesticks reversal pattern Bearish Engulfing from the resistance area located between the resistance level 144.300 (former resistance from resistance), upper daily Bollinger Band and the 50% Fibonacci retracement of the previous sharp downward impulse from last month. The downward reversal from this resistance area completed the previous ABC correction (2). GBPJPY is likely to fall further toward the next support level 141.250 (former strong resistance from October and November and the low of the previous impulse wave (1)).

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