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.

CAD/JPY falling inside minor impulse wave

  • CAD/JPY falling inside minor impulse wave
  • Next sell target - 77.00

CAD/JPY continues to fall inside the minor impulse wave 5 - which stared earlier - when the pair reversed down from the resistance zone lying between the round resistance level 80.00, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downward impulse from the end of June. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Evening Star.

CAD/JPY is expected to fall down further in the active minor impulse wave 5 toward the next sell target at the strong support level 77.00 (which stopped the previous minor impulse wave 3 at the start of August).

Scroll to top