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 – 82.50

By: Dmitriy Chernovolov

  • AUD/JPY reversed from resistance zone
  • Next sell target – 82.50

AUD/JPY continues to fall inside the minor C-wave – which started earlier – when the price reversed down from the resistance zone lying between the strong resistance level 86.00 (which stopped the previous waves 4 and (A)), the upper resistance trendline of the daily down channel from the end of 2014, 61.8% Fibonacci correction of the previous wave (C) and the upper daily Bollinger Band.

With the clear bearish divergence visible on the daily Stochastic indicator - AUD/JPY is likely to fall to the next sell target at the support level 82.50 (former resistance from February).

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