GBP/JPY: buy target - 196.00
By: Dmitriy Chernovolov
- GBP/JPY reached buy targets 192.00 and 194.00
- Next buy target - 196.00
GBP/JPY has been rising sharply in the last few trading sessions – breaking through the 2 consecutive resistance levels 192.00 and 194.00 – both of which were set as the buy targets in our previous forecast for this currency pair. Each of these resistance breakouts intensified the bullish pressure on GBP/JPY – accelerating the active intermediate impulse wave (3).
GBP/JPY is likely to rise further toward the next buy target at 196.00 (which stopped the previous sharp intermediate impulse wave (1) in June, as you can see below).