Technical analysis

GBPJPY Wave Analysis – 29 September, 2022

GBPJPY Wave Analysis – 29 September, 2022

• GBPJPY rising in line with the weekly uptrend

• Likely to test resistance level 162.50

GBPJPY continues to rise after the price reversed up from the round support level 150.00 (which reversed the pair multiple times in 2021), standing close to the 38.2% Fibonacci correction of the upward trend from the start of 2020.

The upward reversal from the support level 150.00 continues the clear multi-year uptrend that can be seen on the weekly GBPJPY charts.

Given the latest reversal of the bearish sterling sentiment, GBPJPY currency pair can be expected to rise further toward the next resistance level 162.50.

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