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 - 160.00 and 157.50

By: Dmitriy Chernovolov

  • GBP/JPY broke support level 165.00
  • Next sell targets - 160.00 and 157.50

GBP/JPY continues to fall after the recent sharp breakout of the support level 165.00, which stopped the previous sharp minor impulse wave 1 in the middle of January. The breakout of this support level greatly accelerated the active minor impulse wave 3 from the start of February (which belongs to the intermediate (C)-wave from last November).

GBP/JPY is likely to fall in the active impulse waves 3 and (C) toward the next sell target at the support level 160.00 – the breakout of which can lead to further losses toward 157.50. Sell stop-loss can be placed above the recently broken price level 165.00.

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