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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.

NZD/JPY: sell targets – 82.00 and 81.00

By: Dmitriy Chernovolov

  • NZD/JPY falls inside impulse wave (3))
  • Next sell targets – 82.00 and 81.00

NZD/JPY has been under strong bearish pressure lately – breaking through the multiple consecutive support levels – 86.00 (sell target in our previous forecast for this currency pair), 85.00 and 84.00 (coinciding with the support trendline of the daily down channel from April, as you can see from the daily NZD/JPY chart below). Each of these successive support breaks intensified the bearish pressure on NZD/JPY.

NZD/JPY is likely to fall further inside the active impulse waves 5 and (3) toward the next sell targets 82.00 and 81.00 (target price calculated for the completion of impulse wave (3)).

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