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.

NZD/JPY rising inside minor correction 2

  • NZD/JPY rising inside minor correction 2
  • Next buy target - 76.60

NZD/JPY continues to rise inside the (c)-wave of the minor correction 2, which started earlier – when the pair reversed up from the support zone lying between the lower daily Bollinger Band and the powerful support level 72.00 (which also stopped the previous minor impulse wave 1 at the start of August (as can be seen from the daily NZD/JPY chart below).

NZD/JPY is expected to rise further in the active (c)-wave toward the next buy target at the key resistance level 76.60 (which reversed the previous intermediate correction (2)). The resistance level 76.60 is also the forecast price calculated for the termination of the active minor correction 2.

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