Technical analysis

GBPJPY Wave Analysis – 15 May 2023

• GBPJPY reversed from support level 168.25

• Likely to rise to resistance level 171.10

GBPJPY recently reversed up from the key support level 168.25 (low of the previous minor correction a) intersecting with the 20-day moving average and the 38.2% Fibonacci correction of the earlier upward impulse from April.

The upward reversal from the support level 168.25 is currently forming the daily candlesticks reversal pattern Morning Star.

Given the clear daily uptrend, GBPJPY can be expected to rise toward the next resistance level 171.10 (top of the previous correction (b)).

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