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 impulse waves 3 (3) and ③

  • GBP/JPY falling inside impulse waves 3 (3) and ③
  • Next sell target - 130.00

GBP/JPY has been falling sharply in the last few trading sessions – breaking through the support zone lying between the support levels 148.00 and 146.00 (both of which were set as the sell targets in our previous forecast for this currency pair). The breakout of this support zone accelerated the active intermediate impulse wave (3) – which then broke the daily down channel from last November intersecting with the support level 140.00 – giving another strong bearish signal.

GBP/JPY is expected to continue to fall inside the active accelerated impulse waves 3 (3) and ③ toward the next sell target at the support level 130.00.

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