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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 broke pivotal support level 130.00

  • GBP/JPY broke pivotal support level 130.00
  • Next sell target 124.80

GBP/JPY continues to fall inside the minor impulse wave 3 – which recently broke through the pivotal support level 130.00 (which stopped the earlier downward impulse waves (3) and 1, as can be seen below). The breakout of the support level 130.00 coincided with the breakout of the lower support trendline of the daily Descending Triangle. This double breakout accelerated the active impulse waves 3 and (5).

GBP/JPY is expected to fall down further in the direction of the next sell target at the support level 124.80 (target price for the completion of the active minor impulse wave 3).

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