GBPJPY under bullish pressure after the earlier sharp upward reversal from the support area lying between the multi-year support level 126.200 (which stopped the extended weekly downtrend at the end of 2016) and the lower weekly Bollinger band. The upward reversal from this support area stopped the previous impulse wave 3. Given the moderately bullish Sterling sentiment developing at the moment coupled with the moderate bearish Yen sentiment seen across the markets today – GBPJPY is likely to extend the gains toward the next resistance level 131.600 (former support from 2019).