• GBPJPY reversed from resistance level 157.65
• Likely to fall to support level 156.00

GBPJPY currency pair recently reversed down from the major resistance level 157.65 (which has been reversing the price from middle of November, as can be seen from the daily GBPJPY chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous short-term impulse wave 5 of the sharp upward impulse sequence (5) from the start of December.

Given the strongly bullish yen sentiment that can be seen across the FX markets today and the overbought daily Stochastic, GBPJPY currency pair can be expected to fall further toward the next support level 156.00 (low of the previous correction 4).