Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/JPY rising inside intermediate correction

  • GBP/JPY rising inside intermediate correction
  • Next buy target - 140.00

GBP/JPY continues to rise inside the second intermediate corrective wave (2) – which started earlier - when the pair reversed up from the support zone lying between the support level 130.00 (previous sell target and the low of the earlier primary impulse wave ③) and the lower daily Bollinger Band.

GBP/JPY is expected to rise further in the active intermediate wave (2) toward the next buy target at the resistance level 140.00 (top of the earlier minor B-wave from July) - coinciding with the 38.2% Fibonacci correction of the previous sharp downward impulse from the end of June).

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