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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.

AUD/JPY: buy target – 97.00

By: Dima Chernovolov

  • AUD/JPY reversed from support zone
  • Next buy target – 97.00

AUD/JPY continues to rise strongly after the recent sharp upward reversal from the support zone lying between the support level 94.500 (former strong resistance level which reversed the pair sharply in March, as you can see below), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward price impulse from April. The support level 94.500 also earlier reversed the price sharply at the start of this month.

AUD/JPY is likely to rise further toward the next buy target at the resistance level 97.00 (which reversed the previous intermediate ABC correction (2) in May).

 

AUD
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