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 - 160.00

By: Dmitriy Chernovolov

  • GBP/JPY reversed from resistance zone
  • Next sell target - 160.00

GBP/JPY recently reversed down from the resistance zone lying between the resistance level 165.00 (former strong support from January, which stopped the previous minor impulse wave 1, acting as resistance now after it was broken by the previous minor impulse wave (i)) and the 38.2% Fibonacci correction of the previous impulse wave 1. The downward reversal from this resistance zone continues the active minor impulse 3 - which belongs to the intermediate (C)-wave from last November.

GBP/JPY is likely to fall further to the next sell target at the round support level 160.00 (which stopped the previous impulse wave (i)).

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