GBPJPY at a Turning Point: Triple Top Signals Potential Decline

GBPJPY at a Turning Point: Triple Top Signals Potential Decline

Fundamental Analysis:
GBP is showing signs of weakness against the Japanese Yen following the latest UK employment data. The UK unemployment rate rose to 4.6% for the three months ending in April, while the Claimant Count Change increased by 33.1K in May.

Meanwhile, hawkish expectations for the Bank of Japan (BoJ) continue to strengthen the Japanese Yen.

Technical Analysis:
GBPJPY has encountered strong resistance near the recent highs for the third time, increasing the likelihood of a decline, as seen on the chart. The price action suggests the formation of a triple top pattern, which could trigger a deeper drop from this zone.

Targets:
🎯 194.70 🎯 193.60 🎯 192.40

You may find more details in the chart!
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