390
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 - 74.50 and 74.00

By: Dmitriy Chernovolov

  • NZD/JPY falls inside impulse waves 3 and (5)
  • Next sell targets - 74.50 and 74.00

NZD/JPY continues to fall after the price reversed down once again from the resistance zone lying between the resistance level 77.50 (which also previous stopped the intermediate ABC correction (4) in September) and the 38.2% Fibonacci Correction of the previous sharp intermediate impulse wave (3). The latest downward reversal from this resistance zone completed the second minor correction 2 of the active intermediate impulse (5).

NZD/JPY is likely to fall further in the active impulse waves 3 and (5) toward the next sell targets at the support levels 74.50 (low of previous B-wave) and 74.00.

JPY
Scroll to top