GBP/JPY: buy targets - 195.50 and 198.00
By: Dmitriy Chernovolov
- GBP/JPY broke resistance level 194.00
- Next buy targets - 195.50 and 198.00
GBP/JPY continues to rise after the pair earlier broke above the resistance level 194.00 (which stopped the previous sharp minor impulse wave 1 in the middle of July, as you can see below). The breakout of this resistance level accelerated the active minor impulse wave 3 – which belongs to the 3rd intermediate impulse wave (3) from the start of July.
GBP/JPY is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at the resistance level 195.50 (which stopped previous impulse (1)) – the breakout of which can lead to further gains toward 198.00.