GBPJPY recently reversed down from the resistance zone located at the intersection of the resistance level 134.000 (former support from the middle of June) and the lower trendline of the recently broken daily up channel from the middle of March. The downward reversal form the aforementioned resistance zone started the active impulse wave 3. Given the rising yen bullishness among the FX traders – GBPJPY is likely to fall further toward the next support level 132.000(low of the previous impulse wave 1).