GBP/JPY: buy target - 190.00
By: Dmitriy Chernovolov
- GBP/JPY reversed from support zone
- Next buy target - 190.00
GBP/JPY recently reversed up from the support zone lying between the support level 185.00 (former low from July, which reversed the A-wave of the previous ABC correction (2), as you can see below) and the 38.2% Fibonacci Correction of the previous upward price impulse from the start of this month. The upward reversal from this support zone continues the active intermediate impulse wave (3) – which belongs to the primary Ⓒ-wave from April.
GBP/JPY is expected to rise further to the next buy target at the round resistance level 190.00. Buy stop-loss can be placed below the aforementioned support level 185.00.