FBS - Analytics

    FBS

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    GBP/JPY: sell targets - 160.00 and 157.50

    • 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.


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