GBPJPY Wave Analysis – 06 January, 2020

• GBPJPY reversed from support area
• Likely to rise to 144.00

GBPJPY recently reversed up from the support area lying between the key support level 141.00 (former monthly top from October) – intersecting with lower daily Bollinger Band and 38.2% Fibonacci correction of the previous sharp upward impulse from October.

The upward reversal from this support area stopped the previous short-term impulse wave C.

GBPJPY is likely to rise further toward the next resistance level 144.00 (top of the previous wave B).