- GBPJPY rising inside weekly wave 2
- Further gains are likely
GBPJPY continues to rise inside the weekly upward correction 2, which started earlier from the support area lying between the long-term support level 126.50 (which stopped the sharp downtrend in 2016) and the lower weekly Bollinger Band.
The active wave 2 belongs to the extended downward impulse sequence (3) from the start of 2019.
Given the strength of the aforementioned support area GBPJPY is expected to rise further and retest the next resistance level 134.00 (former support from July).