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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 falling inside minor impulse wave 5

  • CHF/JPY falling inside minor impulse wave 5
  • Next sell target - 102.20

CHF/JPY continues to fall inside the minor impulse wave 5, which started previously - when the pair reversed down from the resistance zone lying at the intersection of the resistance level 105.00 and the former support trendline of the recently broken daily down channel from April (acting as resistance now – after it was broken by the previous minor impulse wave 3). The active impulse wave 5 belongs to the intermediate impulse wave (5) of the primary downward impulse wave ③ from last October.

CHF/JPY will, most likely, fall to the next sell target at the support level 102.20 - the breakout of which opens the way for further losses toward the next major round support level 100.00.

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