GBP/JPY: buy target - 175.00
By: Dmitriy Chernovolov
- GBP/JPY reached buy targets 170.00 and 172.00
- Next buy target - 175.00
GBP/JPY opened this week with the upward gap – following the earlier breakout of the resistance levels 170.00 and 172.00 – both of which were set in our previous forecast as the buy targets for this currency pair. The breakout of these resistance levels accelerated the active minor correction 2 – which started earlier – when the pair reversed up sharply from the pivotal support level 165.00 (which also earlier reversed the price with the weekly Hammer in February of 2014).
GBP/JPY is likely to rise further in the active wave 2 toward the next buy target at the resistance level 175.00 (former strong support which reversed earlier waves (A) and B in 2015, as can be seen below).