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 targets - 192.00 and 194.00

By: Dmitriy Chernovolov

  • GBP/JPY completed intermediate ABC correction (2)
  • Next buy targets - 192.00 and 194.00

GBP/JPY continues to rise strongly after the recent sharp upward reversal from the support zone lying between the support level 185.00, the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp intermediate impulse wave (1) from April. The upward reversal from this support zone completed the latest intermediate ABC correction (2) from June.

GBP/JPY is likely to rise further inside the active impulse wave (3) toward the next buy targets 192.00 and 194.00.


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