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 85.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell target 85.00

AUD/JPY continues to fall strongly after the recent sharp downward reversal from the resistance zone lying between the resistance level 88.00 (which also previously stopped wave 2, as you can see below) and the 61.8% Fibonacci correction of the earlier sharp downward impulse wave (v) from the start of August. The latest downward reversal from this resistance zone created the daily Evening Star - starting the active impulse wave (iii).

AUD/JPY is likely to fall further inside the active impulse waves (iii), 3 and (3) toward the next sell target at the support level 85.00. Strong resistance remains at 88.00.

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