Technical analysis

GBPJPY Wave Analysis 30 January 2024

– GBPJPY reversed from resistance level 79.15

– Likely to fall to support level 184.50

GBPJPY currency pair recently reversed down from the key resistance level 188.55 which has been reversing the price from November, as can be seen below.

The downward reversal from the resistance level 188.55 started the active short term impulse wave c.

Given the strength of the resistance level 188.55 and the strong sterling sales seen across the FX markets today, GBPJPY currency pair can be expected to fall further to the next support level 184.50.

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