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: sell target - 88.00

By: Dima Chernovolov

  • NZD/JPY broke support level 89.00
  • Next sell target - 88.00 

NZD/JPY continues to fall inside the second minor corrective wave (ii) – which started earlier last month, when the pair reversed down sharply from the strong resistance level 92.00 which has been reversing the price from March and which was set as the buy target in our previous report for this currency pair. After reaching this buy target the pair reversed down strongly breaking through the support trendline from the start of February coinciding with the round support level 90.00.

The pair started this week by breaking the next support level 89.00 (intersecting with the 38.2% Fibonacci Correction of the previous upward impulse from February). NZD/JPY is likely to fall further to the next sell target 88.00 (50% Fibonacci Correction of the aforementioned upward impulse).

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