GBP/JPY: sell targets - 155.00 and 152.50
By: Dmitriy Chernovolov
- GBP/JPY broke daily Triangle
- Next sell targets - 155.00 and 152.50
GBP/JPY continues to fall inside the minor impulse wave 3, which earlier broke through the support zone lying at the intersection of the support trendline of the daily Triangle from February and the support level 158.60 (which stopped the previous minor impulse wave 1, as can be seen from the daily GBP/JPY chart below). The breakout of this support zone intensified the bearish pressure on this currency pair – accelerating the active impulse waves 3 and (5).
GBP/JPY is likely to fall to the next sell target at the nearby support level 155.00 (low of the previous intermediate impulse wave (3)) – the breakout of which can lead to further losses toward 152.50.