GBPJPY Wave Analysis 2 January 2024

– GBPJPY reversed from support level 179.40

– Likely to rise to resistance level 182.00

GBPJPY currency pair recently reversed up from the multi-month support level 179.40 (which has steadily reversed the pair from the start of July).

The support level 179.40 was further strengthened by the lower daily Bollinger Band.

Given the strength of the support level 179.40, predominant daily uptrend and strongly bullish sterling sentiment seen today, GBPJPY can be expected to rise further to the next resistance level 182.00 (former minor resistance from the end of last month).