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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 targets - 183.80 and 182.00

By: Dmitriy Chernovolov

  • GBP/JPY falling inside minor corrective wave (ii)
  • Next sell targets - 183.80 and 182.00

GBP/JPY continues to fall inside the second minor corrective wave (ii) – which started earlier – when the pair reversed down from the resistance zone lying at the intersection of the following resistance levels: the pivotal resistance level 188.30 (which stopped the previous sharp minor impulse wave 1 in September, as you can see below), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp downward impulse wave from the middle of August.

GBP/JPY is likely to fall further in the active minor correction (ii) toward the next sell target at the support level 183.80 – the breakout of which can lead to further losses toward 182.00.

GBP
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