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 reversed from support level 78.50

  • AUD/JPY reversed from support level 78.50
  • Next buy target - 80.60

AUD/JPY recently reversed up from the support level 78.50 (which is the upper boundary of the strong support zone lying between the support levels 78.50 and 77.60). The upward reversal from the support level 78.50 created the daily Japanese candlesticks reversal pattern Hammer – marking the end of the previous intermediate ABC correction (2) from the start of May.

AUD/JPY is likely to rise further in the active impulse wave (3) (which belongs to the primary impulse wave ③ from the start of this month) toward the next buy target at the resistance level 80.60 (top of the previous intermediate impulse wave (1)).

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