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: sell target – 99.00

By: Dima Chernovolov

  • CAD/JPY broke support level 100.00
  • Next sell target – 99.00

CAD/JPY recently reversed down from the resistance zone lying at the intersection of the resistance level 101.00, upper daily Bollinger Band and the resistance trendline of the wide daily up channel from February (as you can see from the daily CAD/JPY chart below). The downward reversal from this resistance zone completed the previous primary ABC correction ② from January.

Having just broken below the round support level 100.00, CAD/JPY is likely to fall further toward the next sell target at the support level 99.00. Strong resistance remains at 101.00.

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