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 targets - 83.00 and 82.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance area
  • Next sell targets - 83.00 and 82.00

AUD/JPY continues to fall strongly – following the earlier downward reversal from the combined resistance area lying between 3 resistance levels: the 50% Fibonacci retracement of the previous sharp downward impulse wave 3, the upper daily Bollinger Band and the resistance level 87.00 (which stopped the (a)-wave of the preceding minor ABC correction 4). The downward reversal from this resistance area completed the previous minor ABC correction 4.

AUD/JPY is likely to fall further in the active minor impulse wave 5 (which belongs to the 3rd intermediate impulse wave (3) from May) toward the next sell targets 83.00 and 82.00 (low of previous (b)-wave).

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