Technical analysis

GBPJPY Wave Analysis – 7 June, 2022

GBPJPY Wave Analysis – 7 June, 2022

• GBPJPY broke resistance level 164.20
• Likely to test resistance level 168.00

GBPJPY continues to rise after the earlier breakout of the key resistance level 164.20 (top of wave (B) from the end of April) .

The breakout of the resistance level 164.20 coincided with the breakout of the 61.8% Fibonacci correction of the earlier downward correction from the middle of April.

GBPJPY currency pair can be expected to rise further toward the next resistance level 168.00 (strong resistance from April and the target price for the completion of the active impulse wave (3)).

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