Technical analysis

GBPJPY Wave Analysis 24 November 2023

– GBPJPY broke pivotal resistance level 188.00

– Likely to rise to resistance level 190.00.

GBPJPY recently broke the pivotal resistance level 188.00 (which stopped the previous intermediate impulse wave (1) in the middle of this month).

The breakout of the resistance level 188.00 accelerated the active intermediate impulse wave (3) of the higher order primary impulse sequence 5 from the start of October.

Given the clear daily uptrend and the continuation of the strong yen sales, GBPJPY can be expected to rise further to the next resistance level 190.00.

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