GBP/JPY reversed from resistance zone
By: Dmitriy Chernovolov
- GBP/JPY reversed from resistance zone
- Next sell target - 148.70
GBP/JPY opened this week with the downward gap – which follows the earlier downward reversal from the resistance zone lying between the pivotal resistance level 155.00 (former strong support level, which stopped the previous sharp minor impulse wave 1 in February, as can be seen below) and the 38.2% Fibonacci correction level of the previous sharp minor impulse wave (iii) from the end of March.
GBP/JPY is likely to fall further in the active impulse waves 3 and (5) toward the next sell target at the support level 152.50 (low of the previous impulse (iii)) – the breakout of which can lead to further losses toward the next sell target at 148.70 (target price for the completion of the active impulse wave (5)).