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 - 196.00

By: Dmitriy Chernovolov

  • GBP/JPY reached buy targets 192.00 and 194.00
  • Next buy target - 196.00 

GBP/JPY has been rising sharply in the last few trading sessions – breaking through the 2 consecutive resistance levels 192.00 and 194.00 – both of which were set as the buy targets in our previous forecast for this currency pair. Each of these resistance breakouts intensified the bullish pressure on GBP/JPY – accelerating the active intermediate impulse wave (3).

GBP/JPY is likely to rise further toward the next buy target at 196.00 (which stopped the previous sharp intermediate impulse wave (1) in June, as you can see below).


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