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 92.40 (which stopped the earlier A-wave in August), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave (1) from the middle of July. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – stopping the previous impulse wave (i) and starting the active correction (ii).

CAD/JPY is likely to correct down further in the active minor corrective wave (ii) toward the next sell target at the support level 91.00.

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