September 08, 2020 at 04:01PM

• GBPJPY under strong bearish pressure
• Likely to fall to 136,56

GBPJPY under strong bearish pressure after the earlier breakout of the steep daily up channel from the end of June.

The price is currently trading close to the support level 138,25 (low of the daily Morning Star from the end of August).

If the price closes today the support level 138,25 – GBPJPY can then be expected to fall further toward the next support level 136,56 (target for the completion of the active wave 4 and the former resistance from July).

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From: The FxPro Tech Analysis Team
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