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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 target - 178.00

By: Dmitriy Chernovolov

  • GBP/JPY broke strong support level 180.70
  • Next sell target - 178.00

GBP/JPY continues to fall after the recent breakout of the strong support level 180.70 (which also previously reversed waves (A) and B, as you can see from the daily GBP/JPY chart below). The breakout of this support level is likely to accelerate the active impulse waves (iii) and 3 - both of which belong to the sharp intermediate (C)-wave from November (which earlier broke the weekly up channel from October of 2014).

GBP/JPY is likely to fall further toward the next sell target at the support level 178.00 (forecast price calculated for the completion of the active impulse wave 3). Strong resistance remains at 180.70.

GBP
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