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: buy target - 98.30

By: Dima Chernovolov

  • AUD/JPY broke resistance levels 94.50 and 96.00
  • Next buy target - 98.30

AUD/JPY has been rising steadily in the last few trading sessions – following the breakout of the resistance level 94.50 (top of the previous A-wave from March, which was set as the buy target in our previous forecast for this currency pair). The breakout of this resistance level coincided with the breakout of the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from November. This double breakout accelerated the active C-wave of the intermediate ABC correction (2) from February – helping AUD/JPY break the next resistance level 96.00.

 AUD/JPY is likely to rise further toward the next resistance level 98.30 (target price for the termination of the active C-wave).

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