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 - 98.00

By: Dmitriy Chernovolov

  • CAD/JPY reversed from pivotal support level 94.50
  • Next buy target - 98.00

CAD/JPY continues to rise inside the minor correction 2 – which started earlier – when the previous sharp impulse wave 1 was stopped by the powerful support level 94.50 (which had previously reversed the price multiple times from February, as you can see from the daily CAD/JPY chart below).

CAD/JPY is likely to rise further inside the active wave 2 toward the next buy target at the resistance level 98.00 (coinciding with the 50% Fibonacci Correction of the previous sharp downward impulse wave from June). Strong support remains at 94.50.

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