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 - 86.30

By: Dmitriy Chernovolov

  • CAD/JPY reversed from resistance zone
  • Next sell target - 86.30

CAD/JPY today reversed down from the resistance zone lying between the resistance level 87.30(which also previously reversed the earlier minor correction 4, former strong support from August, acting as resistance now after it was broken) and the 38.2% Fibonacci Correction of the previous sharp downward impulse wave (v) from December. The downward reversal from this resistance zone continues the active minor impulse wave 5 – which belongs to the intermediate impulse (3) from October.

CAD/JPY is likely to fall further toward the next sell target at the support level 86.30 (which stopped the minor impulse wave 3 earlier this month).

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