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 target – 114.00

By: Dmitriy Chernovolov

  • CHF/JPY falling inside impulse waves 5 and (3)
  • Next sell target – 114.00

CHF/JPY has been falling sharply in the last few trading sessions inside the minor impulse wave 5, which belongs to the intermediate impulse wave (3) from the middle of October. The active impulse wave 5 started earlier – when the pair reversed down from the resistance zone lying between the resistance level 117.30, 50% Fibonacci correction of the preceding downward impulse from December and the upper resistance trendline of the daily down channel from June of 2015.

Having recently broken below the support level 116.00 - CHF/JPY is likely to fall toward the next sell target at the support level 114.00.

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