GBP/JPY has been locked in a consolidation since late December and should be close to completing this consolidation for a breakdown towards the long-term corrective target near 145.76. Once this correction is complete, we will be looking for a new impulsive rally above the former peak at 172.13.
However, for now, we will concentrate on a break below minor support at 159.50 as the indication that the consolidation has been completed and the expected decline towards 145.76 is unfolding.
Relevance up to 07:00 2023-02-02 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
