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 - 92.00

By: Dmitriy Chernovolov

  • CAD/JPY reached sell target 90.00
  • Next buy target - 92.00

CAD/JPY has been rising sharply in the last few days – following the earlier upward reversal from the strong support zone lying between the support levels 90.00 (sell target set in our previous forecast for this currency pair) and 89.00. The upward reversal from this support zone completed the previous minor B-wave of the intermediate ABC correction (2) from the end of August.

CAD/JPY is likely to rise further in the active wave C toward the next buy target at the resistance level 92.00 (which reversed previous waves A and (b) and which coincides with the 50% Fibonacci Correction of the previous sharp minor impulse wave 5 from August).

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