GBPJPY Wave Analysis – 24 March, 2020

• GBPJPY under bullish pressure
• Likely to rise to 135.00

GBPJPY under bullish pressure after the earlier upward reversal from the long-term support level 126.80 (which stopped the two strong weekly downtrends in 2016 and 2019 respectively).

The price is still trading well below the lower weekly Bollinger Band – which is adding to the bullish pressure on this currency pair.

Given the strength of the aforementioned support level 126.80 – GBPJPY is likely rise further toward the next resistance level 135.00.