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 targets - 92.00 and 93.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from strong support level
  • Next buy targets - 92.00 and 93.00

AUD/JPY continues to rise after the recent sharp upward reversal from the strong support level 89.30 (which reversed earlier impulse waves (1) and 1, as you can see from the daily AUD/JPY chart below). The support zone near the support level 89.30 was further strengthened by the lower daily Bollinger Band.

Given the clear Bullish Divergence visible on the daily RSI indicator - AUD/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 92.00 (which stopped the previous minor correction 2) – the breakout of which can lead to further gains toward 93.00.

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