GBPJPY Wave Analysis – 28 December, 2022

• GBPJPY reversed from support level 159.60

• Likely to rise to resistance level 162.95

GBPJPY currency pair recently reversed up from the powerful support level 159.60 (previous monthly low from October), coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 159.60 stopped the previous primary ABC correction from the end of October.

Given the strong yen outflows, GBPJPY can be expected to rise further toward the next resistance level 162.95 (former low of wave (A) and the monthly low from November).