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 falling inside intermediate impulse wave (3)

By: Dmitriy Chernovolov

  • AUD/JPY falling inside intermediate impulse wave (3)
  • Next selltarget - 81.30

AUD/JPY continues to fall inside the sharp intermediate impulse wave (3), which started earlier, when the pair reversed down from the resistance zone lying between the resistance level 86.00 (which has been reversing the price from the end of January, as can be seen below), 61.8% Fibonacci correction of the previous sharp downward impulse wave from December and the resistance trendline of the wide daily down channel from last year.

AUD/JPY is expected to fall further in the active impulse wave (3) toward the next sell target at the support level 81.30 (which stopped previous impulse wave (1) at the start of April).

Scroll to top