Technical analysis

GBPJPY Wave Analysis – 2 September, 2022

GBPJPY Wave Analysis – 2 September, 2022

 • GBPJPY reversed from powerful support zone

• Likely to rise to resistance level 163.65s

GBPJPY currency pair earlier today reversed up with two daily Hammers from the powerful support zone surrounding the multi-month support level  support level 160.80 (which has stopped all downward corrections from June) intersecting with the lower daily Bollinger Band.

The support zone near the support level 160.80 was strengthened by the 61.8% Fibonacci correction of the upward impulse from May.

Given the clear daily uptrend – GBPJPY can be expected to rise further toward the resistance level 163.65 (top of the earlier waves (1), B and 1).

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