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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: buy target - 116.00

By: Dmitriy Chernovolov

  • CHF/JPY broke resistance level 114.50
  • Next buy target - 116.00

CHF/JPY continues to rise inside the (c)-wave of the minor ABC correction 4 – which started earlier – when the pair reversed up with the daily Japanese candlesticks reversal signal Morning Star from the strong support zone lying between the pivotal support level 112.30 (which has been reversing the price from the end of February) and the lower daily Bollinger Band. The middle candle of this Morning Star is also the daily reversal signal – Hammer.

Having recently broken above the resistance level 114.50 (top of the earlier (a)-wave) - CHF/JPY is likely to rise to the next buy target at the resistance level 116.00. The clear bullish divergence on the daily Stochastic indicator adds to the probability the pair will rise in the nearest time.

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