GBP/JPY: sell targets - 183.80 and 182.00
By: Dmitriy Chernovolov
- GBP/JPY falling inside minor corrective wave (ii)
- Next sell targets - 183.80 and 182.00
GBP/JPY continues to fall inside the second minor corrective wave (ii) – which started earlier – when the pair reversed down from the resistance zone lying at the intersection of the following resistance levels: the pivotal resistance level 188.30 (which stopped the previous sharp minor impulse wave 1 in September, as you can see below), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp downward impulse wave from the middle of August.
GBP/JPY is likely to fall further in the active minor correction (ii) toward the next sell target at the support level 183.80 – the breakout of which can lead to further losses toward 182.00.