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 reversed from resistance zone

  • GBP/JPY reversed from resistance zone
  • Next sell target - 158.00

GBP/JPY continues to decline – following the earlier downward reversal from the resistance zone lying between the pivotal resistance level 162.50 (which has been reversing the price from the end of March), upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp intermediate downward impulse (5) from the start of February.

The downward reversal from the aforementioned resistance zone completed the previous intermediate ABC correction (2). GBP/JPY is likely to fall further toward the next sell target at the support level 158.00 (which reversed the price earlier this month, as can be seen below).

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