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.

SGD/JPY:buy target - 89.00

By: Dmitriy Chernovolov

  • SGD/JPY broke pivotal resistance level 87.00
  • Next buy target - 89.00

SGD/JPY continues to rise – following the earlier breakout of the pivotal resistance level 87.00 (which has been repeatedly reversing this currency pair from the middle of October, as you can see from the daily SGD/JPY chart below). The breakout of this resistance level accelerated the active impulse waves (iii) and C – helping SGD/JPY break the 50% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the start of June.

SGD/JPY is likely to rise further toward the next buy target at the resistance level 89.00 (target price calculated for the completion of the active intermediate ABC correction (2), standing close to 61.8% Fibonacci correction of the aforementioned impulse wave (1))).

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