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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: buy target - 180.00

  • GBP/JPY reversed from support level 176.00
  • Next buy target - 180.00

GBP/JPY recently reversed sharply from the strong support level 176.00. This support level also previously reversed the price 3 times in January and February, as you can see below. The support zone near 176.00 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci Correction of the previous sharp intermediate upward impulse wave (1) from October. The upward reversal from 176.00 completed the previous medium-term ABC correction (2) from December.

GBP/JPY is likely to rise in the active intermediate impulse (3) toward the next buy target 180.00. Buy stop-loss can be placed at the distance of one daily ATR below the support level 176.00.

 

GBP
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