• GBPJPY reversed from support zone
• Likely to test resistance level 152.00
GBPJPY currency pair recently reversed up from the support area located between the key support level 149.25 (which has been reversing the price from the middle of April, as can be seen from the daily GBPJPY chart below) and the lower daily Bollinger band. The upward reversal from this support zone stopped the previous medium-term ABC correction (2) from the middle of October – by forming the daily Bullish Engulfing.
Given the strength of the aforementioned support zone, GBPJPY currency pair can be expected to rise further toward the next resistance level 152.00 (target price for the completion of the active minor impulse wave (i)).