Technical analysis

GBPJPY Wave Analysis – 7 July, 2022

GBPJPY Wave Analysis – 7 July, 2022

• GBPJPY reversed from support level 160.50
• Likely to rise to resistance level 164.00

GBPJPY currency pair recently reversed up from the key support level 160.50 (which stopped the previous wave (2) in the middle of June).

The support level 160.50 was further strengthened by the nearby lower daily Bollinger Band and the support trendline from March as well as the 61.8% Fibonacci correction of the upward impulse (1) from May.

Given the clear daily uptrend, GBPJPY can be expected to rise further toward the next resistance level 164.00.

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