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: sell target - 124.60

By: Dmitriy Chernovolov

  • CHF/JPY broke support zone
  • Next sell target - 124.60

CHF/JPY recently broke sharply below the support zone lying at the intersection of the strong support level 127.30 (which reversed the previous minor (a)-wave in July) and the 50% Fibonacci Correction of the previous sharp impulse wave 1 from March. The breakout of this support zone follows the earlier breakout of the support trendline of the wide daily up channel from March.

CHF/JPY might correct up to test the aforementioned resistance zone – after which the pair is expected to resume the downward movement toward the next sell target at 124.60 (target price for the termination of the active (c)-wave).

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