GBPJPY Wave Analysis – 20 July, 2020

• GBPJPY reversed from support level 134.00

• Likely to rise to 136.00

GBPJPY recently reversed up from the pivotal support level 134.00 (former resistance from June) – standing near the 50% Fibonacci retracement of the earlier upward impulse wave (1).

The upward reversal from the support level 134.00 started the active medium-term impulse wave (3).

GBPJPY is likely to rise further toward the next resistance level 136.00 (top of the previous impulse wave (1) from the start of July).