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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.

NZD/JPY falling inside minor impulse wave 3

  • NZD/JPY falling inside minor impulse wave 3
  • Next sell target - 72.00

NZD/JPY has been falling steadily in the last few trading sessions inside the minor impulse wave 3 - which started earlier – when the pair reversed down from the resistance zone lying at the intersection of the major resistance level 76.30 (which reversed the price multiple times from June), upper daily Bollinger Band and the 50% Fibonacci correction of the previous extended downward impulse wave (1) from December.

NZD/JPY is expected to fall further in the active impulse waves 3 and (3) in the direction of the next sell target at the support level 72.00 (which reversed the previous B-wave in July).

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