GBPJPY Wave Analysis – 29 May 2025

GBPJPY: ⬇️ Sell

– GBPJPY reversed from the key resistance level 196.00

– Likely to fall to support level 193.00

GBPJPY currency pair recently reversed down from the key resistance level 196.00(which has been reversing the price from March) intersecting with the upper daily Bollinger Band.

The downward reversal from this resistance level 196.00 created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the strength of the resistance level 196.00 and the bearish divergence on the daily Stochastic, GBPJPY currency pair can be expected to fall to the next support level 193.00.

Source: https://fxpro.news