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 - 90.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell target - 90.00

AUD/JPY recently reversed down strongly from the resistance zone lying between the resistance level 92.20 (which reversed the price in July, as you can see below), the upper daily Bollinger Band, 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1 from May and the former support trendline of the recently broken daily up channel from February (acting as resistance now after it was broken).

AUD/JPY is likely to fall further inside the active impulse wave 3 (which is a part of the intermediate impulse (3) from May) toward the next sell target at the round support level 90.00.

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