• GBPJPY rising inside impulse wave C
• Likely to reach resistance level 153.90
GBPJPY currency pair continues to rise inside the short-term impulse wave C which previously broke through the key long-term resistance area lying between the resistance levels 147.50 and 149.50 (these levels have been repeatedly reversing this currency pair from the star of 2018 as can be seen form the weekly GBPJPY chart below). The breakout of this resistance area increased the bullish pressure on this currency pair.
Given the clear multi-month uptrend and the strongly bullish sterling sentiment seen across the markets over the last few trading sessions – GBPJPY currency pair is likely to rise further toward the next resistance level 153.90 (monthly high from the start of 2018 and the target price for the completion of the active impulse wave C).