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 – 117.50

By: Dmitriy Chernovolov

  • CHF/JPY broke resistance zone
  • Next buy target – 117.50

CHF/JPY continues to rise after the price earlier broke through the resistance zone lying at the intersection of the pivotal resistance level 116.00 (which stopped the previous minor (a)-wave earlier this month, as can be seen below) and the 38.2% Fibonacci correction of the previous downward impulse wave from the end of December. The breakout of this resistance zone accelerated the active (c)-wave of the minor ABC correction 4 from the start of this month.

CHF/JPY is likely to rise in the active minor (c)-wave toward the next buy target at the resistance level 117.50 (lying at the intersection of the daily down channel from 2015 and the 50% Fibonacci correction of the aforementioned downward impulse from December).

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