GBPJPY May Face Resistance Soon

Gregor Horvat
By Gregor Horvat of www.wavetraders.com
Forex Technical Analyst •

GBPJPY may face resistance, as we see it finishing the 5th wave from a technical perspective and by Elliott wave theory.

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GBPJPY is in a strong bullish phase, but looking at the daily chart, we can see pair trading at new highs for the final wave 5 of (5) of 3 that can target 193-195 area. Based on the current Elliott wave cycle from 2023 lows, we still think that pair will come lower this year, for a higher degree wave 4 correction.

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