GBPJPY Wave Analysis

• GBPJPY reversed from key round resistance level 164.65
• Likely to fall to support level 163.00

GBPJPY today recently reversed down from the key resistance level 164.65 (previous monthly high from March) – coinciding with the upper daily Bollinger Band.

The downward reversal from the resistance level 164.65 stopped the previous impulse wave (i).

Given the strength of the resistance level 164.65 and the overbought daily Stochastic – GBPJPY can be expected to fall toward the next support level 163.00.