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: buy target - 83.30

By: Dmitriy Chernovolov

  • NZD/JPY rises inside intermediate (C)-wave
  • Next buy target - 83.30

 NZD/JPY continues to rise strongly inside the 3rd minor impulse wave 3, which belongs to the intermediate (C)-wave of the primary ABC correction ④ from the end of August. The active impulse wave earlier broke through the resistance level 77.50 (former boundary of the sideways price range inside which the pair has been trading in September) – intersecting with the resistance trendline of the daily down channel from April.

The price is currently approaching the resistance level 81.00 (former support level from July). If the pair breaks this resistance level - NZD/JPY can then rise to the next buy target at the resistance level 83.30 (top of previous wave (4)).

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