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: buy target – 100.00

By: Dima Chernovolov

  • CAD/JPY approaches buy target 99.00
  • Next buy target – 100.00

CAD/JPY has been rising sharply in the last few trading sessions inside the intermediate (C)-wave – which belongs to the primary ABC correction ② from the end of January. The pair is currently approaching the resistance level 99.00 (top of the previous intermediate correction (4) from January and also the buy target set in our previous report for this currency pair). The price earlier broke the resistance trendline of the daily up channel from January - which has enclosed the active primary ABC correction.

If CAD/JPY breaks the resistance level 99.00, the pair can then rise to the next buy target at the round resistance level 100.00 (forecast price for the termination of the active minor impulse 3).

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