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 - 175.00

By: Dmitriy Chernovolov

  • GBP/JPY reached buy targets 170.00 and 172.00
  • Next buy target - 175.00

GBP/JPY opened this week with the upward gap – following the earlier breakout of the resistance levels 170.00 and 172.00 – both of which were set in our previous forecast as the buy targets for this currency pair. The breakout of these resistance levels accelerated the active minor correction 2 – which started earlier – when the pair reversed up sharply from the pivotal support level 165.00 (which also earlier reversed the price with the weekly Hammer in February of 2014).

GBP/JPY is likely to rise further in the active wave 2 toward the next buy target at the resistance level 175.00 (former strong support which reversed earlier waves (A) and B in 2015, as can be seen below).

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