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 - 92.00

By: Dmitriy Chernovolov

  • AUD/JPY reached sell target 89.40
  • Next buy target - 92.00

AUD/JPY today reversed up sharply from the strong support level 89.40, which was set as the sell target in our previous forecast for this currency pair. The price also previously reversed up strongly from this support level with the 2 daily Japanese candlestick reversal patterns - Hammer in February and the Piercing Line at the start of July (as you can see below).

Having just broken above the round resistance level 90.00 - AUD/JPY is likely to rise further toward the next buy target at the resistance level 92.00 (which reversed the previous minor correction 2).

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