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 - 122.20

By: Dmitriy Chernovolov

  • CHF/JPY reversed from resistance zone
  • Next sell target - 122.20

CHF/JPY has been falling strongly in the last few trading sessions following the earlier sharp downward reversal from the resistance zone lying between the resistance level 126.00, the upper daily Bollinger Band, 38.2% Fibonacci Correction of the previous downward impulse from July and the upper resistance trendline of the daily up channel from September. The downward reversal from this resistance zone completed the previous intermediate ABC correction (2).

CHF/JPY is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 122.20 (which stopped previous waves (1) and B).

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