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16.03.202308:52 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for March 16, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 16.03.2023 analysis

We expect GBP/JPY to continue the downside pressure and a break below support near 159.20 for a decline towards the 145.76 target. Short-term we see resistance 161.29 that we expect will act as a cap for the break below support at 159.20 and continued downside pressure to the long-term target for the ongoing correction near 145.76.

Torben Melsted
Analytical expert of InstaForex
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