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08.08.202207:13 Forex Analysis & Reviews: Elliott wave analysis of GBP/JPY for August 8, 2022

Exchange Rates 08.08.2022 analysis

GBP/JPY remains in a messy corrective decline and we continue to look for more downside pressure towards 154.41 and maybe even closer to the 50% corrective target seen at 150.09. Short-term we need a break below minor support at 161.12 to add renewed downside pressure.

Short-term resistance is seen near 165.85 which we expect will be able to cap the upside for renewed downside pressure.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaForex
© 2007-2022
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