GBPJPY Wave Analysis – 19 May 2023

• GBPJPY reversed from resistance level 172.40

• Likely to rise to resistance level 170.00

GBPJPY recently reversed down from the long-term resistance level 172.40 (which has been reversing the price from last October).

The downward reversal from the resistance level 172.40 stopped the previous sharp upward impulse wave 3, which belongs to wave (3) from January.

Given the overbought daily Stochastic, GBPJPY can be expected to fall further toward the next support level 170.00.