GBP/JPY: sell targets - 160.00 and 157.50
By: Dmitriy Chernovolov
- GBP/JPY broke support level 165.00
- Next sell targets - 160.00 and 157.50
GBP/JPY continues to fall after the recent sharp breakout of the support level 165.00, which stopped the previous sharp minor impulse wave 1 in the middle of January. The breakout of this support level greatly accelerated the active minor impulse wave 3 from the start of February (which belongs to the intermediate (C)-wave from last November).
GBP/JPY is likely to fall in the active impulse waves 3 and (C) toward the next sell target at the support level 160.00 – the breakout of which can lead to further losses toward 157.50. Sell stop-loss can be placed above the recently broken price level 165.00.