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 - 172.00

By: Dmitriy Chernovolov

  • GBP/JPY broke pivotal support level 176.00
  • Next sell target - 172.00

GBP/JPY continues to fall strongly – following the earlier breakout of the pivotal long-term support level 176.00, which has been reversing the price from the start of 2015, as you can see from the daily GBP/JPY chart below. The breakout of this support level follows the earlier breakout of the support level 178.00, which was set as the sell target in our previous forecast for this currency pair.

GBP/JPY is likely to fall further in the accelerated impulse waves 3 and (v) (which belong to the sharp intermediate impulse wave (C) from November of 2015) toward the next sell target at the support level 172.00 (forecast price for the termination of the active impulse wave 3).

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