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 - 86.00

By: Dmitriy Chernovolov

  • CAD/JPY falling inside impulse waves (iii) and 3
  • Next sell target - 86.00

CAD/JPY continues to fall after the recent downward reversal from the resistance zone surrounding the strong resistance level 89.00 (former strong support from September and the buy target set previously for this currency pair). The price reversed down sharply from the resistance level 89.00 – accelerating the active minor impulse waves (iii) and 3 – which belong to the intermediate impulse wave (3) from October.

Having recently broken the support level 88.00 - CAD/JPY is likely to fall further toward the next sell target at the next support level 86.00. Strong resistance remains at 89.00.

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