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 - 166.00

By: Dmitriy Chernovolov

  • GBP/JPY broke multiple support levels
  • Next sell target - 166.00

GBP/JPY recently fell sharply – breaking through multiple consecutive support levels – 172.00 (previous sell target set in our earlier forecast for this currency pair), 170.00 and 168.00 (major long-term support level, which reversed the price sharply in September of 2014, as can be seen below). Each of these support breakouts accelerated the active minor impulse wave 3 of the intermediate (C)-wave from November.

The pair today corrected up to the aforementioned price level 168.00 (acting as resistance now, after it was broken). The price is likely to reverse down from 168.00 and fall to the next support level 166.00.

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