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: sell targets - 80.00 and 78.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell targets - 80.00 and 78.00

AUD/JPY recently reversed down twice from the resistance zone lying between the resistance level 82.00 and the 50% Fibonacci correction of the previous sharp downward impulse wave from the end of January. The downward reversal from this resistance zone continues the active minor impulse wave (iii) – which belongs to the impulse 3 of the 3rd intermediate impulse wave (3) from last September.

AUD/JPY is likely to fall further in the active impulse waves (iii), 3 and (3) toward the next sell target at the round support level 80.00 – the breakout of which can lead to further losses toward the next support level 78.00.

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