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: broke support level 114.00

By: Dmitriy Chernovolov

  • CHF/JPY broke support level 114.00
  • Next sell target - 112.30

CHF/JPY continues to fall inside the accelerated impulse wave 5, which belongs to the sharp extended downward impulse wave (3) from the middle of October. The price earlier broke the support level 114.00 (which was set previously as the sell target for this currency pair) – which accelerated the active impulse waves 5 and (3) – which are both a part of the primary downward primary impulse wave ① from last year.

CHF/JPY is likely to fall further toward the next sell target at the strong support level 112.30 (which stopped the previous impulse waves 3 and (b)). The price is likely to reverse up from the support level 112.30 toward the recently broken price level 114.00.

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