Technical analysis

GBPJPY Wave Analysis 9 March, 2021

GBPJPY Wave Analysis 9 March, 2021

• GBPJPY broke key resistance level 150.00

• Likely to reach resistance level 152.00

GBPJPY continues to rise after the earlier breakout of the key resistance level 150.00 (which stopped the previous minor impulse wave (i) at the end of February).

The breakout of the resistance level 150.00 continues the active short-term impulse wave (iii) – which belongs to the higher order impulse wave (C) from September.

Given the overriding uptrend on the daily charts – GBPJPY is likely to rise further toward the next resistance level 152.00 (intersecting with the daily up channel from December).

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