GBPJPY Technical Analysis 4 October, 2021

• GBPJPY reversed from support zone
• Likely to rise to resistance levels 152.25

GBPJPY currency pair recently reversed up strongly from the support zone lying at the intersection of the key support level 149.158 (which has been reversing the price from the end of April) and the lower daily Bollinger Band). The upward reversal from this support zone created the daily Japanese candlestick several pattern Bullish Engulfing, which stopped the earlier impulse wave 3.

Given the strength of the aforementioned support zone and the strong yen outflows seen across the FX markets today, GBPJPY currency pair can be expected to rise further toward the next resistance level 152.25 (which has been reversing the price from the start of September).

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