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Currency Analyst since 2010

GBP/JPY: trade opportunity

Dima Chernovolov

• GBP/JPY reached buy targets 180.00 and 182.00

• Next buy target - 186.00

GBP/JPY recently rose sharply – breaking above the two resistance levels 180.00 and 182.00, which were set as the buy targets in our previous technical analysis report for this currency pair. The breakout of these resistance levels continues the active primary Ⓒ-wave from the start of February. The price recently corrected shortly down inside the second intermediate correction (2) of this Ⓒ-wave toward the former resistance level 182.00 (acting as support now after it was broken by the previous impulse (1)).

The price then reversed up from 182.00 with the daily Japanese candlesticks reversal pattern Bullish Engulfing (highlighted below). GBP/JPY is likely to rise further to the next buy target at 186.00.

GBP
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