Technical analysis

GBPJPY Wave Analysis – 8 August, 2022

GBPJPY Wave Analysis – 8 August, 2022

• GBPJPY reversed from support level 160.50

• Likely to rise to resistance level 166.00

GBPJPY currency pair recently reversed up with the daily Hammer from the key support level 160.50 (which has been continually reversing the price from the middle of June).

The support zone near the support level 160.50 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from May.

GBPJPY can be expected to rise toward the next resistance level 166.00 (top of the earlier waves A and C).

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