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 - 195.50 and 198.00

By: Dmitriy Chernovolov

  • GBP/JPY broke resistance level 194.00
  • Next buy targets - 195.50 and 198.00

GBP/JPY continues to rise after the pair earlier broke above the resistance level 194.00 (which stopped the previous sharp minor impulse wave 1 in the middle of July, as you can see below). The breakout of this resistance level accelerated the active minor impulse wave 3 – which belongs to the 3rd intermediate impulse wave (3) from the start of July.

 GBP/JPY is likely to rise further in the active impulse waves 3 and (3) toward the next buy target at the resistance level 195.50 (which stopped previous impulse (1)) – the breakout of which can lead to further gains toward 198.00.

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