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: sell target - 180.00

By: Dmitriy Chernovolov

  • GBP/JPY broke support zone
  • Next sell target - 180.00

GBP/JPY has been falling sharply in the last few trading sessions – following the earlier breakout of the support zone lying between the support level 185.00 and 50% Fibonacci Correction of the previous upward impulse from the middle of April. The breakout of this support zone accelerated the active intermediate (C)-wave, which is a part of the intermediate ABC correction (2) from June.

GBP/JPY is likely to fall further inside the active accelerated corrective (C)-wave toward the next sell target at the round support level 180.00 (target price for the completion of the active ABC correction (2)).

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