Technical analysis

GBPJPY Wave Analysis – 14 October, 2022

GBPJPY Wave Analysis – 14 October, 2022

• GBPJPY reversed from resistance level 167.40

• Likely to fall to support level 165.3.

GBPJPY currency pair recently reversed down from the strong resistance level 167.40 (which is the upper boundary of the sideways price range inside which the pair has been moving from April).

The resistance area near the resistance level 167.40 was strengthened by the upper daily Bollinger Band.

Given the bearish sterling sentiment and the overbought daily Stochastic, GBPJPY can be expected to fall further toward the next support level 165.3.

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