GBPJPY Wave Analysis – 4 October, 2022

• GBPJPY reversed from support level 156.00

• Likely to rise to resistance level 168.00

GBPJPY currency pair recently reversed up from the key support level 156.00 (lower boundary of the sideways price range inside which the pair has been trading from April).

The upward reversal from the support level 156.00 started the active medium-term impulse wave (1).

Given the clear daily uptrend, GBPJPY currency pair can be expected to rise further toward the next resistance level 168.00.