Wed, Feb 01, 2023 @ 07:08 GMT

GBPJPY Wave Analysis

  • GBPJPY reversed from support level 159.60
  • Likely to rise to resistance level 162.95

GBPJPY currency pair recently reversed up from the powerful support level 159.60 (previous monthly low from October), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 159.60 stopped the previous primary ABC correction from the end of October.

Given the strong yen outflows, GBPJPY can be expected to rise further toward the next resistance level 162.95 (former low of wave (A) and the monthly low from November).

FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading

Basic Market Structure

Trading Sessions

Times To Trade

Making Use of Your Demo Account

Thinking in Probabilities

Trading the Dollar With USDX