• GBPJPY broke key resistance level 152.35
• Likely to rise to resistance level 154.00
GBPJPY currency pair recently broke the key resistance level 152.35 (top of the previous minor impulse wave 1) intersecting with the 38.2% Fibonacci correction of the previous sharp downward impulse C from the middle of November. The breakout of the resistance level 152.35 accelerated the active minor impulse wave 3 – which belongs to the higher order impulse wave (3) from the start of December.
Given the continuation of the bearish yen sentiment as can be seen across the currency markets today , GBPJPY currency pair can be expected to rise further toward the next resistance level 154.00 (which reversed the price multiple times in November).