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: buy target - 92.00

By: Dmitriy Chernovolov

  • AUD/JPY broke resistance zone
  • Next buy target - 92.00

AUD/JPY continues to rise after the recent breakout of the resistance zone lying between the round resistance level 90.00 (former strong support from July) and the 50% Fibonacci Correction of the previous minor impulse wave 1 from May. The breakout of this resistance zone is likely to accelerate the c-wave of the active minor ABC correction 2 from August.

AUD/JPY is expected to rise further in the active waves (c) and 2 toward the next buy target at the next strong resistance level 92.00 (which reversed the price sharply in July and August, as you can see below). Buy stop-loss can be placed at half the daily ATR (Average True Range) below the support level 90.00.

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