GBPJPY: ⬆️ Buy
– GBPJPY reversed from long-term support level 207.25
– Likely to rise to resistance level 210.00
GBPJPY currency pair recently reversed up from the support zone between the long-term support level 207.25 (which stopped wave (2) in the middle of February and wave 1 in the middle of September) and the lower daily Bollinger Band.
The upward reversal from this support zone stopped the previous short-term impulse wave i, which belongs to the downward impulse wave 3 from the middle of September.
Given the strength of the support level 207.25 and the bullish divergence on the daily Stochastic oscillator, GBPJPY currency pair can be expected to rise further toward the next resistance level 210.00 – which has been reversing the price from March.
