On GBPJPY price chart, the price line started an ascending wave on early March 2022. The bullish trend was on-going until when it reached out to a strong resistance level at 168.000 and after several defeated attempts, an ascending triangle pattern was formed on the chart. In late September a failed bearish break was formed, and shortly after that the price compensated the loss. The price line is now above the resistance level of the triangle and a retest was also made to this level; an ascending wave can be expected heading to the resistance levels above the current price.
• There is a resistance level at 172.500 followed by resistance at 174.600 and 176.300.
• There is a support level at 165.000. Below, there is 159.800 and 157.400.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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