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 targets - 91.00 and 90.00

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance zone
  • Next sell targets - 91.00 and 90.00

CAD/JPY continues to fall after the price earlier reversed down from the strong resistance zone lying at the intersection of the resistance level 92.60 (which has been reversing the price for the last few trading days) and the 38.2% Fibonacci retracement of the previous sharp downward impulse wave from the middle of June. The latest two downward reversals from this resistance zone stopped the previous corrections 2 and (2) (as can be seen below).

CAD/JPY is likely to fall further in the active impulse waves 3 and (3) (which belong to the primary downward impulse wave ③ from June) toward the next sell targets at the next support levels 91.00 and 90.00.

Scroll to top