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 falling inside primary impulse wave ③

  • GBP/JPY falling inside primary impulse wave ③
  • Next sell target - 152.00

GBP/JPY continues to fall sharply inside the minor impulse wave 1, which belongs to the primary impulse wave ③ from the end of May. The active impulse wave ③ started when the price reversed down from the resistance level 162.00 (which reversed earlier waves 4, (A) and a, as can be seen from the daily GBP/JPY chart below). The price earlier reversed down sharply from the resistance zone lying at the intersection of resistance level 158.00 and 50% Fibonacci correction of the previous downward impulse from May.

GBP/JPY is likely to fall to the next sell target at the strong support level 152.00 (which stopped the previous primary impulse wave ① in April).

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