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 - 90.00

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance zone
  • Next sell target - 90.00

CAD/JPY today reversed down from the resistance zone lying between the pivotal resistance level 92.00 (former major support level which stopped and reversed the sharp primary impulse wave ① at the end of January, as you can see below) and the 50% Fibonacci Correction of the previous strong downward impulse wave from the middle of July.

The downward reversal from the aforementioned resistance zone completed the previous minor correction 2 – starting the active impulse wave 3 (which belongs to the 3rd intermediate impulse (3)). CAD/JPY is likely to fall further to the next sell target 90.00.

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