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: buy target - 123.00

By: Dmitriy Chernovolov

  • CHF/JPY reversed from support level 121.30
  • Next buy target - 123.00

CHF/JPY continues to rise after the recent sharp upward reversal from the support level 121.30 (which also previously reversed the earlier strong minor impulse wave 1 at the end of October, as you can see below). The price earlier broke through the support level 122.20, which was set in our previous forecast as the sell target for this currency pair.

 Given the strength of the support level 121.30 - CHF/JPY can be expected to correct up further to the next buy target at the resistance level 123.00 (which reversed previous minor correction 2), intersecting with the 38.2% Fibonacci Correction of the previous sharp downward impulse wave 1. Buy stop-loss can be placed below the aforementioned support level 121.30.

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