• GBPJPY reversed from long-term support level 156.00
• Likely to rise to resistance level 158.25
GBPJPY currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Piercing Line from the key long-term support level 156.00 (former multi-month resistance level which stopped the sharp uptrend at the end of May, as can be seen from the daily GBPJPY chart below). The upward reversal from this support level started the active impulse wave 5 – which be logins to the higher order impulse wave (3) from the middle of September.
Given the strong daily uptrend and the continued sterling bullishness, GBPJPY currency pair can be expected to rise further toward the next resistance level 158.25 (top of the previous impulse wave 3).