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 130.00

  • GBP/JPY reached sell target 130.00
  • Next sell target - 125.00

GBP/JPY recently reversed down from the resistance zone lying between the lower trendline of the recently broken daily down channel (acting as resistance now after it was broken) and the resistance level 139.00. The downward reversal from this resistance zone accelerated the active minor impulse wave 3, which belongs to the intermediate impulse (5) of the primary impulse wave ③ from last November.

GBP/JPY today reached the support level 130.00 (previous sell target set for this currency pair). If the price breaks below 130.00 - GBP/JPY can then fall to the next sell target at 125.00 (forecast price for the completion of wave (5)).



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