Technical Analysis of Intraday Price Movement of GBP/JPY Cross Currency Pairs, Monday May 15, 2023

On the 4-hour intraday chart of the GBP/JPY cross currency pairs, a Failing Wedge pattern can be seen and the support level at 168.04 is strong enough to prevent the GBP/JPY downward correction, especially with the confirmation by the MACD indicator which is in a speculative BUY position, so there is a high probability for GBP/JPY In the near future, JPY will appreciate, rally up to the level of 171.14 as the first target and the level of 172.30 as the second target as long as it is on its way to these targets, there will be no significant downward correction, especially if it breaks below the 166.46 level because if this level is broken down, all Bull scenarios that have been previously described will become invalid and cancel by themselves.

Analysis are provided by InstaForex

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