GBPJPY Technical Analysis Report 29 January, 2021

• GBPJPY broke multi-month resistance level 142.5
• Likely to rise to resistance level 144.90

GBPJPY currency pair continues to rise after the price broke above the key multi-month resistance level 142.5 (which stopped the sharp uptrend in August of last year). The breakout of this resistance level accelerated the active impulse wave (iii) – which belongs to the impulse wave C of the medium-term ABC correction (B) from last May.

Given the clear uptrend that can be seen on the daily GBPJPY charts – this currency pair is expected to rise further toward the next resistance level 144.90 (monthly high from April of 2020 and the target price calculated for the completion of the active impulse wave (iii)).

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