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 - 155.00

By: Dmitriy Chernovolov

  • GBP/JPY reached sell target 160.00
  • Next sell target - 155.00

GBP/JPY continues to fall after the recent breakout of the round support level 160.00 (which stopped the previous minor impulse wave (i) and which was set as the sell target in our previous forecast for this currency pair). The breakout of the support level 160.00 is expected to further accelerate the active impulse wave (iii) which belongs to impulse 3 of the intermediate (C)-wave from last November.

GBP/JPY is likely to fall further in the active impulse waves (iii), 3 and (C) toward the next sell target at the support level 155.00. Sell stop-loss can be placed at half the daily ATR above the recently broken price level 160.00.

Scroll to top