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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.

CHF/JPY: buy targets - 130.00 and 131.60

By: Dmitriy Chernovolov

  • CHF/JPY reversed from support level 128.20
  • Next buy target - 130.00 and 131.60

CHF/JPY yesterday reversed up from the support zone lying between the following support levels: the support trendline of the daily up channel from March, the lower daily Bollinger Band, 50% Fibonacci Correction of the previous sharp minor impulse wave 1 and the support level 128.20 (which reversed the pair multiple times in May, as you can see below).

CHF/JPY is likely to continue to rise further from the current levels toward the next buy targets 130.00 and 131.60 (former support level which reversed (a) wave in June).

JPY
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