• GBPJPY reversed from support area
• Likely to rise to resistance level 163.00
GBPJPY currency pair recently reversed up from the support area located between the major support level 160.25 (which has been reversing the pair from the middle of June), 61.8% Fibonacci correction of the upward impulse from May and the lower daily Bollinger Band.
The upward reversal from this support area stopped the C-wave of the earlier medium-term ABC correction (2).
GBPJPY can be expected to rise further toward the next resistance level 163.00 (former low of wave A from the middle of September).