GBP/JPY: buy target - 180.00
- GBP/JPY reversed from support level 176.00
- Next buy target - 180.00
GBP/JPY recently reversed sharply from the strong support level 176.00. This support level also previously reversed the price 3 times in January and February, as you can see below. The support zone near 176.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci Correction of the previous sharp intermediate upward impulse wave (1) from October. The upward reversal from 176.00 completed the previous medium-term ABC correction (2) from December.
GBP/JPY is likely to rise in the active intermediate impulse (3) toward the next buy target 180.00. Buy stop-loss can be placed at the distance of one daily ATR below the support level 176.00.