GBPJPY Wave Analysis 5 February, 2021

• GBPJPY reversed from major support level 142.75

• Likely to reach resistance level 146.00

GBPJPY recently reversed up from the major support level 142.75 (former multi-month high from August) – intersecting with the daily up channel form September.

The upward reversal from the support level 142.75 continued the active impulse wave C of the medium-term wave (B) from last May.

GBPJPY is expected to rise further toward the next resistance level 146.00 (target price for the completion of the active impulse wave C).