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 reached sell target 158.00

  • GBP/JPY reached sell target 158.00
  • Next sell target - 155.00

GBP/JPY continues to fall – after the earlier breakout of the support level 158.00 (low of the previous minor correction (iI)), which was set as the sell target in our previous forecast for this currency pair.  The breakout of the support level 158.00 is likely to intensify the active minor correction (ii) – which started earlier from the pivotal resistance level 162.50 and which belongs to the impulse wave 3 of the intermediate impulse wave (C) from the start of May.

GBP/JPY is likely to correct down further to the next sell target at the support level 155.00 (which reversed the previous intermediate (B)-wave of the active primary Ⓑ wave from the start of April).

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