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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.

AUD/JPY: buy targets - 86.00 and 87.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from strong support level 82.30
  • Next buy targets - 86.00 and 87.00

 AUD/JPY continues to rise strongly – following the earlier sharp upward reversal from the major support level 82.30 (which also previously reversed the sharp downward impulse wave 3 in August, as you can see below). The support zone near the support level 82.30 was strengthened by the lower daily Bollinger Band. The upward reversal from 82.30 completed the (b)-wave of the active minor ABC correction from last month.

With the clear bullish divergence visible on the daily RSI indicator - AUD/JPY can be expected to rise further inside the active (c)-wave toward the next buy targets at the resistance levels – 86.00 and 87.00.

AUD
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