GBP/JPY reversed from support zone

GBP/JPY reversed from support zone

  • GBP/JPY reversed from support zone
  • Next buy target - 158.00

GBP/JPY recently reversed up from the support zone lying between the key support level 153.50 (former resistance level which stopped the previous minor impulse wave (i) at the start of January, as can be seen below) and the upper trendline of the wide daily up channel from 2017 (acting as support after it was broken). GBP/JPY is expected to rise further toward the next buy target at the next resistance level 158.00 (target price for the completion of the active impulse wave (C)).



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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