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 - 82.00

By: Dmitriy Chernovolov

  • CAD/JPY broke multiple support levels
  • Next sell target - 82.00

CAD/JPY has been falling sharply in the last few trading sessions – breaking through multiple consecutive support levels - 86.30 (previous sell target set for this currency pair), 85.00, 84.00 and the support trendline of the wide weekly down channel from last year, as you can see below. The breakout of these support levels accelerated the active minor impulse waves (iii) and 5.

CAD/JPY is likely to fall further in the active impulse waves (iii), 5, (3) and ③ toward the next sell target at the support level 82.00 (target price for the termination of the impulse wave (iii)).

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