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 broke sideways price range

  • AUD/JPY broke sideways price range
  • Next buy targets - 80.00 and 81.00

AUD/JPY today broke above the resistance level 78.70 (former upper boundary of the sideways price range inside which the pair has been trading from the start of August). The lower boundary of this price range stands at the support level 76.20 (low of the previous waves (a) and B). The breakout of the resistance level 78.70 is likely to accelerate the active minor impulse wave (iii) – which belongs to wave C of the intermediate ABC correction (B) from June.

AUD/JPY is expected to rise further to the next buy targets at the resistance levels 80.00 (intersecting with the resistance trendline of the daily down channel from 2015) and 81.00 (target price for the completion of impulse (iii)).

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