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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.

AUD/JPY reversed from major support level 72.50

  • AUD/JPY reversed from major support level 72.50
  • Next buy target - 80.00

AUD/JPY continues to rise strongly – following the earlier sharp upward reversal form the major long-term support level 72.50 (which also previously reversed the primary ABC correction Ⓑ at the end of 2011, as can be seen from the weekly AUD/JPY chart below). The support zone near this support level was strengthened by the support trendline of the weekly down channel from 2014.

The upward reversal from the support level 72.50 completed the previous primary impulse wave ③. AUD/JPY is likely to rise further to the next buy target at the round resistance level 80.00.

 

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