GBPJPY Chart Technical Outlook resumes lower toward 196.50
I am following up on yesterday’s analysis of GBP/JPY. Prices have been capped by the mentioned level of 198.40. Wave C of Y is in play for the downside. Supports are located at 196.50. If broken, the measured move target of AB=CD is 195.50. Today’s GDP data from the UK showed a contraction, weighing on the GBP.
