GBP/JPY: sell target - 160.00
By: Dmitriy Chernovolov
- GBP/JPY reversed from resistance zone
- Next sell target - 160.00
GBP/JPY recently reversed down from the resistance zone lying between the resistance level 165.00 (former strong support from January, which stopped the previous minor impulse wave 1, acting as resistance now after it was broken by the previous minor impulse wave (i)) and the 38.2% Fibonacci correction of the previous impulse wave 1. The downward reversal from this resistance zone continues the active minor impulse 3 - which belongs to the intermediate (C)-wave from last November.
GBP/JPY is likely to fall further to the next sell target at the round support level 160.00 (which stopped the previous impulse wave (i)).