GBP/JPY reached buy target  147.50

GBP/JPY reached buy target 147.50

  • GBP/JPY reached buy target 147.50
  • Next buy target - 150.00

GBP/JPY today broke above the powerful resistance level 147.50 (which stopped the previous impulse waves 1 and (i), as can be seen from the daily GBP/JPY chart below). The breakout of the resistance level 147.50 follows the earlier breakout of the resistance levels 145.00 (previous buy target) and the 146.60 (top of the previous waves a and (b)). GBP/JPY is expected to rise to the next buy target at the next resistance level 150.00.



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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