Technical analysis

GBPJPY Wave Analysis – 01 February 2023

• GBPJPY reversed from resistance level 161.40

• Likely to fall to support level 160.00

GBPJPY currency pair recently reversed down from the resistance level 161.40 (which has been reversing the price from the end of December), standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.0800 continues the (b)-wave of the longer-term ABC correction (B) from the start of January.

Given the overbought daily Stochastic, GBPJPY currency pair can be expected to fall further toward the next support level 160.00.

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