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 - 119.00

By: Dmitriy Chernovolov

  • CHF/JPY reached sell target 120.00
  • Next sell target - 119.00

CHF/JPY has been falling in the last few trading sessions – breaking today below the major pivotal support level 120.00 (which stopped the sharp primary downward Ⓐ-wave in the middle of March and which was set previously as the sell target for this currency pair). The breakout of this support level is likely to further accelerate the active minor impulse wave 3 – which is a part of the intermediate impulse (3) of the primary Ⓒ-wave from the start of June.

CHF/JPY is likely to fall further toward the next sell target at the support level 119.00. Sell stop-loss can be placed at one daily ATR (Average True Range) above the recently broken price level 120.00.

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