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 target - 83.00

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell target - 83.00

AUD/JPY continues to decline after the earlier downward reversal from the resistance zone lying between the following resistance levels: upper daily Bollinger Band, 61.8% Fibonacci correction of the previous intermediate impulse wave (1) and the pivotal resistance level 86.00 (which stopped the previous minor correction 4 in January, as can be seen from the daily AUD/JPY chart below).

With the daily Stochastic indicator still in the overbought area - AUD/JPY can be expected to fall further to the next sell target at the support level 83.00.


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