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 - 91.00

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance zone
  • Next sell target - 91.00

CAD/JPY recently reversed down from the resistance zone lying between the resistance level 92.00 (which has reversed earlier waves A and (b)), upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp minor impulse wave 5 from August. The downward reversal from this resistance zone stopped the previous minor impulse wave (i) – which belongs to the C-wave of the intermediate ABC correction (2) from August.

With the daily Stochastic indicator still moving in the overbought territory - CAD/JPY can be expected to fall further toward the next sell target at the support level 91.00.

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