GBPJPY Wave Analysis – 17 May 2023

• GBPJPY broke resistance level 171.10

• Likely to test next resistance level 172.40

GBPJPY continues to rise after the earlier breakout of the resistance level 171.10 (upward target set in our previous report for this currency pair).

The breakout of the resistance level 171.10 continues the active short-term impulse wave 5, which belongs to wave (3) from January.

Given the predominant daily uptrend, GBPJPY can be expected to rise further toward the next resistance level 172.40 – from where the downward correction is likely.