GBPJPY Technical Analysis Report 27 May, 2024

Dmitry Chernovolov Market Analyst

GBPJPY currency pair can be expected to rise further toward the next resistance level 202.00, which is the target price for the completion of the active impulse wave 3

GBPJPY currency pair

– GBPJPY broke resistance level 200.00

– Likely to rise to resistance level 202.00

GBPJPY currency pair under the bullish pressure after the price broke above the key round resistance level 200.00 (which stopped the previous sharp minor impulse wave 1 at the end of April, as can be seen from the daily GBPJPY chart below). The breakout of the resistance level 200.00 continues the active minor impulse wave 3, which belongs to the intermediate impulse wave (5) from the middle of April.

Given the clear daily uptrend and the continuation of the yen sales that can be seen across the currency markets lately, GBPJPY currency pair can be expected to rise further toward the next resistance level 202.00, which is the target price for the completion of the active impulse wave 3.

GBPJPY currency pair

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