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 - 190.00

By: Dmitriy Chernovolov

  • GBP/JPY reversed from support zone
  • Next buy target - 190.00

GBP/JPY recently reversed up from the support zone lying between the support level 185.00 (former low from July, which reversed the A-wave of the previous ABC correction (2), as you can see below) and the 38.2% Fibonacci Correction of the previous upward price impulse from the start of this month. The upward reversal from this support zone continues the active intermediate impulse wave (3) – which belongs to the primary Ⓒ-wave from April.

GBP/JPY is expected to rise further to the next buy target at the round resistance level 190.00. Buy stop-loss can be placed below the aforementioned support level 185.00.

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