• GBPJPY reversed from support level 155.50
• Likely to fall to support level 82.00

GBPJPY currency pair recently reversed up from the support level 155.50 (which has been reversing the price from the end of December, as can be seen from the daily GBPJPY chart below), intersecting with the 20-day moving average and the 50% Fibonacci correction of the upward impulse form last month. The upward reversal from the support level 155.50 stopped the previous impulse wave (c).

Given the rising bullish sterling sentiment that can be seen across the FX markets today – GBPJPY currency pair can be expected to rise further toward the next resistance level 157.00.