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 - 90.70

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance zone
  • Next sell target - 90.70

CAD/JPY continues to decline after the recent strong downward reversal from the resistance zone lying at the intersection of the pivotal resistance level 93.00 (which reversed earlier waves (2) and 2, as you can see below), the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from the middle of June.

The latest downward reversal from the aforementioned resistance zone completed the wave (ii) of the active minor impulse wave 3- which belongs to the 3rd intermediate impulse wave (3) from October. CAD/JPY is likely to fall further to the next sell target at the support level 90.70 (which stopped previous impulse wave 1 in October).

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