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.

NZD/JPY: sell target - 74.50

By: Dmitriy Chernovolov

  • NZD/JPY falling inside impulse waves 3 and (3)
  • Next sell target - 74.50

NZD/JPY recently reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance level 77.50 (former upper boundary of the narrow sideways price range inside which the pair traded from August to September). The downward reversal from the resistance level 77.50 started the active minor impulse wave 3 – which belongs to the intermediate impulse wave (3) from the end of December.

NZD/JPY is likely to fall further in the active impulse waves 3 and (3) toward the next sell target at the support level 74.50 (which previously reversed the pair sharply in September).

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