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.

CHF/JPY: buy targets – 131.50 and 133.00

By: Dima Chernovolov

  • CHF/JPY reversed from support zone
  • Next buy targets – 131.50 and 133.00

CHF/JPY continues to rise after recently reversing up from the support zone lying between the support level 128.50 (which also previously reversed the price twice from the start of this month) and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from the middle of April – as you can see below. The previous upward reversal from this support zone completed the previous minor ABC correction (ii).

CHF/JPY is likely to rise further inside the active impulse wave (iii) (which is a part of the C-wave from March) toward the next buy targets 131.50 and 133.00.

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