Mon, May 29, 2023 @ 22:43 GMT

GBPJPY Wave Analysis

  • GBPJPY broke resistance level 171.10
  • Likely to test next resistance level 172.40

GBPJPY continues to rise after the earlier breakout of the resistance level 171.10 (upward target set in our previous report for this currency pair).

The breakout of the resistance level 171.10 continues the active short-term impulse wave 5, which belongs to wave (3) from January.

Given the predominant daily uptrend, GBPJPY can be expected to rise further toward the next resistance level 172.40 – from where the downward correction is likely.

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