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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: buy target – 100.00

By: Dima Chernovolov

  • CAD/JPY reversed from support zone
  • Next buy target – 100.00

CAD/JPY yesterday reversed up sharply from the support zone lying between the support level 98.30 (which also stopped the previous minor correction 4), the former resistance trendline of the recently broken daily up channel from January (acting as support now after it was broken) and the 38.2% Fibonacci Correction of the previous upward impulse from the middle of April.

The upward reversal from the aforementioned support zone led to the formation of the strong Japanese candlesticks reversal pattern - Morning Star (highlighted below). CAD/JPY is likely to rise further toward the next buy target at the round resistance level 100.00.

CAD
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