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.

AUD/JPY falling inside intermediate impulse wave (3)

  • AUD/JPY falling inside intermediate impulse wave (3)
  • Next sell target - 76.20

AUD/JPY has been falling strongly in the last few trading session inside the intermediate impulse wave (3) – which started earlier – when the pair reversed down from the resistance zone lying between the pivotal resistance level 78.70 (top of the earlier minor correction 4), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from July.

AUD/JPY is expected to fall down further in the active impulse wave (3) toward the next sell target at the support level 76.20 (which stopped the previous minor impulse wave 5 in August, as can be seen below).

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