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 – 194.00

By: Dima Chernovolov

  • GBP/JPY reached buy target 189.60
  • Next buy target – 194.00

GBP/JPY recently reversed up sharply from the support area lying between the support level 189.60 and the 38.2% Fibonacci Correction of the previous upward price impulse from the middle of May (as you can see below). The support level 189.60 is also the former strong resistance level – which reversed the previous intermediate (A)-wave in December and which was set as the buy target in our previous forecast for this currency pair.

GBP/JPY is likely to rise further in the active minor impulse wave 5 toward the next buy target 194.00. GBP/JPY will need to break the weekly up channel from 2014 to reach this target.

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