GBPJPY Wave Analysis – 16 August, 2022

• GBPJPY reversed from support area

• Likely to rise to resistance level 163.65

GBPJPY currency pair recently reversed up from the support area lying between the key support level 160.50 (which has been reversing the price from the middle of June), lower daily Bollinger Band and the 61.8% Fibonacci correction of the sharp upward impulse wave (C) from the middle of May.

The upward reversal from this support area will most likely form the daily candlesticks reversal pattern Bullish Engulfing.

GBPJPY can be expected to rise further toward the next resistance level 163.65 (which stopped the previous waves 2 and (b)).