Technical analysis

GBPJPY Wave Analysis – 10 April 2023

• GBPJPY reversed from support level 163.55

• Likely to rise to resistance level 166.00

GBPJPY currency pair recently reversed up from the pivotal support level 163.55 (former resistance level which has been reversing the price from the start of March).

The upward reversal from the support level 163.55 runs counter to the active intermediate impulse wave (C) from the start of April.

Given the strong yen sales, GBPJPY can then be expected to rise further toward the next resistance level 166.00 (top of the previous impulse wave C).

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