GBPJPY Wave Analysis

  • GBPJPY reversed from support level 184.75
  • Likely to rise to resistance level 186.65

GBPJPY currency pair recently reversed up from the key support level 184.75 (which has been repeatedly reversing the pair from the start of this month, forming multiple reversal patterns on the 4-hour charts near this level).

This support level was strengthened by the 20-day moving average and by the 50% Fibonacci correction of the upward impulse from October.

Given the strength of the support level 184.75, GBPJPY currency pair can be expected to rise to the next resistance level 186.65.

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