Technical analysis

GBPJPY Wave Analysis 8 September 2023

– GBPJPY reversed from support level 183.65

– Likely to rise to resistance level 186.00

GBPJPY currency pair recently reversed up from the key support level 183.65 (which has been repeatedly reversing the pair from the end of August), intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from July.

The upward reversal from the support level 183.65 stopped the previous short-term correction ii.

Given the strong daily uptrend, GBPJPY can be expected to rise toward the next resistance level 186.00 (which has been reversing the price from the middle of August).

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