GBPJPY Wave Analysis 15 March 2024

– GBPJPY reversed from key support level 188.50

– Likely to rise to resistance level 191.20

GBPJPY currency pair recently reversed up from the key support level 188.50 (former monthly high from November and January).

The support level 188.50 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the upward impulse from December.

Given the clear daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 191.20 (top of the previous waves i and b).