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: sell target – 89.30

By: Dmitriy Chernovolov

  • AUD/JPY broke pivotal support level 90.50
  • Next sell target – 89.30

AUD/JPY has been falling sharply in the last few days – after the price broke the support trendline of the wide daily up channel from the start of February – which has enclosed the previous intermediate ABC correction (2). The breakout of this up channel accelerated the active impulse wave – which today broke the pivotal support level 90.50 – which reversed the previous B-wave in April.


AUD/JPY is likely to fall further toward the next sell target at the next strong support level 89.30 (which stopped the previous impulse wave (1) in February).

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