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: buy target - 86.00

By: Dima Chernovolov

  • NZD/JPY reached sell target 87.00
  • Next buy target - 86.00

NZD/JPY continues to decline after the recent breakout of the support level 87.00 – which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse wave 3 (which belongs to the 3rd intermediate impulse (3) from May) - which earlier broke the pivotal support level 88.00 (which was mentioned in our previous forecast for NZD/JPY).

NZD/JPY is likely to fall further inside the active impulse wave 3 toward the next sell target 86.00. Sell stop-loss can be placed above the recently broken price level 87.00.

Scroll to top