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 79.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell targets 80.00 and 79.00

AUD/JPY recently reversed down from the resistance zone lying between the resistance level 82.00 (which has been reversing the price from February, as can be seen below) and the 50% Fibonacci correction of the previous sharp downward impulse from the end of January. The downward reversal from the aforementioned resistance zone continues the active impulse wave 3 – which belongs to the intermediate downward impulse wave (3) from last May.

AUD/JPY is set to fall further to the next sell target at the support level 80.00 – the breakout of which can lead to further losses toward 79.00.

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