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 - 94.50

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance level 96.00
  • Next sell target - 94.50

CAD/JPY recently reversed down strongly – after the pair reached the resistance level 96.00, which was set in our earlier forecast as the buy target for this currency pair. This resistance level is also the upper boundary of the sideways price range inside which the pair has been trading from the middle of July. The resistance zone near 96.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci Correction f the previous impulse 1.

CAD/JPY is likely to fall further inside the active impulse 3 toward the next sell target at the support level 94.50. Strong resistance remains at 96.00.

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