GBPJPY Technical Analysis Report 2 June, 2021

• GBPJPY reversed from support area
• Likely to rise to resistance level 156.00

GBPJPY currency pair recently reversed up from the support area lying between the minor support level 154.80 (former resistance from the middle of May – which stopped the previous upward impulse wave (iii)) and the 38.2% Fibonacci correction of the upward impulse from last month. The upward reversal from this support area stopped the previous short-term corrective wave 4.

Given the prevailing uptrend – GBPJPY currency pair can be expected to rise further toward the next resistance level 156.00 (which stopped the previous short-term upward impulse wave 3 the end of last month).

Was this post helpful?