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 targets - 114.00 and 112.30

By: Dmitriy Chernovolov

  • CHF/JPY reversed from resistance area
  • Next sell targets - 114.00 and 112.30

CHF/JPY recently reversed down sharply from the resistance area lying at the intersection of the resistance level 116.00, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from December, as can be seen below. The downward reversal from this resistance area continues the active intermediate impulse wave (3) from last October.

CHF/JPY is likely to fall further to the next sell target at the support level 114.00. If the pair breaks below 114.00 - CHF/JPY can then fall to the next sell target at the strong support level 112.30 (which stopped the earlier impulse waves 3 and (b)).


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