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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: buy target - 87.30

By: Dmitriy Chernovolov

  • CAD/JPY reached sell targets 80.00 and 79.00
  • Next buy target - 87.30

CAD/JPY continues to rise strongly inside the 4th minor correction 4 – which started previously – when the pair reversed up with the daily Japanese candlesticks reversal pattern Hammer from the support zone lying between the support levels 80.00 and 79.00 (both of which were set as the sell targets in our previous forecast for this currency pair). The price then broke through the next resistance levels 84.00 and 85.00.

CAD/JPY is likely to rise further to the next buy target at the resistance level87.30 (previous monthly low from August, intersecting with the 38.2% Fibonacci correction of the previous extended downward impulse wave from June of 2015).

CAD
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