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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 -114.00

By: Dmitriy Chernovolov

  • CHF/JPY broke support level 115.30
  • Next sell target -114.00

CHF/JPY today broke the support level 115.30, which stopped the previous minor impulse wave (iii) in the middle of January. The breakout of this support level continues the active minor impulse wave (v) – which started earlier this month – when the pair reversed down from the resistance zone lying between the pivotal resistance level 119.00 (which also reversed the price sharply at the end of January), the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous impulse wave from December.

CHF/JPY is likely to fall to the next sell target at the support level 114.00 (target price for the completion of the active impulse wave 3).

CHF
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