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 - 96.00

By: Dmitriy Chernovolov

  • CAD/JPY reversed from pivotal support level 94.50
  • Next buy target - 96.00

CAD/JPY today reversed up strongly from the pivotal support level 94.50 (which has been reversing this currency pair from February – stopping the earlier waves 2, A, (B) and (1) – as you can see from the daily CAD/JPY chart below).

Given the strength of the support level 94.50 - CAD/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 96.00 (top of wave 2). Buy stop-loss can be placed at the distance of one daily ATR (Average True Range) below the aforementioned support level 94.50.

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