GBPJPY Wave Analysis – 26 October, 2021

• GBPJPY reversed from support zone

• Likely to rise to resistance level 158.30                                                                  

GBPJPY recently reversed up from the support zone lying between the key support level 156.15 (former multi-month resistance from May) and the 38.2% Fibonacci correction of the upward impulse from the start for October.

The upward reversal from this support zone continues the active impulse wave 3 of the intermediate impulse sequence (3) from July.

Given the clear daily uptrend, GBPJPY can be expected to rise further toward the next resistance level 158.30 (top of the daily Evening Star form the start of October).