• GBPJPY rising inside short-term impulse wave (c)
• Further gains likely toward 135.40
GBPJPY has been rising in the last few trading sessions inside the short-term impulse wave (c) which previously broke through the key resistance area lying between the resistance level 130.70 (which stopped the previous sharp upward corrective wave (a)) and 38.2% Fibonacci correction of the previous downward impulse wave from June. With the moderate bullish sentiment affecting the Sterling today, coupled with the moderate Yen bearishness- GBPJPY is likely to extends its gains toward the next resistance level 135.40 (top of the previous short-term corrective wave (iv) from the end of July). Strong support now stands at the aforementioned price level 130.70.