GBP/JPY broke key support level 147.00

GBP/JPY broke key support level 147.00

  • GBP/JPY broke key support level 147.00
  • Next sell target 146.00

GBP/JPY continues to fall after the earlier breakout of the key support level 147.80 (which has been reversing the price from the middle of November, as can be seen from the daily GBP/JPY chart below). The last time the price reversed up from the support level 147.80 it formed the daily Japanese candlesticks reversal pattern Hammer, highlighted below. GBP/JPY is expected to fall further toward the next sell target at the next support level 146.00 (target price for the termination of the active wave 1).



Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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