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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.

CAD/JPY reversed from pivotal support level 76.00

  • CAD/JPY reversed from pivotal support level 76.00
  • Next buy target - 78.50

CAD/JPY recently reversed up sharply from the support area lying between the pivotal support level 76.00 (which stopped the previous sharp minor impulse wave 1 in June, as can be seen below) and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star (which marked the end of the previous impulse wave (iii)).

CAD/JPY is expected to rise further to the next buy target at the resistance level 78.50 (intersecting with the 61.8% Fibonacci correction of the previous sharp downward impulse from the start of September).

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