GBPJPY Wave Analysis – 19 May, 2020

• GBPJPY reversed from support zone

• Likely to rise to 133.00

GBPJPY recently reversed up from the support zone lying between the round support level 130.00, lower daily Bollinger Band and the 50% Fibonacci correction of the previous upward impulse from March.

The upward reversal from this support zone created the daily Bullish Engulfing which started the active upward impulse wave (3). GBPJPY is likely to rise further toward the next resistance level 133.00 (top of the previous Evening Star form, the start of May).