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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 falling inside minor impulse wave 5
  • Next sell target – 130.00

GBP/JPY has been falling in the last few trading sessions inside the minor impulse wave 5 – which started in June – when the pair reversed down from the resistance zone lying between the resistance level 142.00, upper daily Bollinger Band and 38.2% Fibonacci correction of impulse wave 3. The active impulse wave 5 belongs to the intermediate impulse wave (3) from May.

GBP/JPY will, most likely, continue to fall toward the next sell target at the support level 130.00 (which stopped the previous minor impulse wave 3 in July).

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