GBPJPY recently reversed up with the daily Hammer from the key support level 160.500 (which stopped wave (2) in the middle of June, as can be seen from the daily GBPJPY chart below), standing below the lower daily Bollinger Band and intersecting with the 61.8% Fibonacci correction of the upward impulse wave (1) from May. Given the clear daily uptrend and the moderately bullish sterling sentiment seen across the currency markets lately, GBPJPY currency pair can be expected to rise further toward the next resistance level 165.000.
