Categories: Technical analysis

GBPJPY Wave Analysis – 2 May, 2022

• GBPJPY reversed from support zone
• Likely to rise to resistance level 164.65

GBPJPY currency pair recently reversed up strongly from the support level 159.60 (low of wave (a) from last month), standing near the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from March.

The upward reversal from this support area started the active short-term impulse wave 5.

Given the clear daily uptrend – GBPJPY can be expected to rise further toward the next resistance level 164.65.

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: GBPJPY

Recent Posts

ADP hints at another strong NFP on Friday  

The monthly ADP labour market report showed that America created 192K new jobs in April, above…

1 day ago

Fed’s hawkish tone risks sinking S&P500 to 4700

Bears showed strength ahead of the FOMC decision.  U.S. indices sagged on Tuesday as investors…

1 day ago

A new stage of Bitcoin’s decline

Market Picture  Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…

1 day ago

Ebay Wave Analysis 30 April 2024

- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…

2 days ago

GBPAUD Wave Analysis 30 April 2024

- GBPAUD reversed from key support level 1.9135 - Likely to rise to resistance level…

2 days ago

Silver: a possible long road down

Silver has lost 2.6% since the start of the day on Tuesday to $26.4 per…

2 days ago

This website uses cookies