Technical analysis

GBPJPY Wave Analysis – 2 March 2023

• GBPJPY reversed from resistance level 164.55

• Likely to fall to support level 162.00

GBPJPY currency pair recently reversed down from the key resistance level 164.55 (former support from December) standing close to the 61.8% Fibonacci correction of the downward correction from October.

The downward reversal from the resistance level 164.55 created the daily Japanese candlesticks reversal pattern Shooting Star.

GBPJPY currency pair can be expected to fall further toward the next support level 162.00 (which stopped the previous correction (iv)).

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