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 - 198.00

By: Dima Chernovolov

  • GBP/JPY reached buy target 194.00
  • Next buy target - 198.00

GBP/JPY recently broke sharply above the resistance level 194.00 (which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level was preceded by the breakout of the upper channel line of the wide weekly up channel from last year. The breakout of the resistance level 194.00 intensified the bullish pressure on GBP/JPY – accelerating the active minor impulse wave 5 of the intermediate (C)-wave from April.

GBP/JPY is likely to rise further toward the next buy target 198.00 (target price for the completion of the active wave (C)).

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