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 targets - 79.00 and 78.00

By: Dmitriy Chernovolov

  • CAD/JPY broke support level 80.00
  • Next sell targets - 79.00 and 78.00

CAD/JPY continues to fall inside the intermediate impulse wave (5) of the primary downward impulse wave ③ from last June. The active impulse wave (5) started earlier this month - when the price reversed down from the resistance zone lying between the pivotal resistance level 87.30, upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from last year.

Having just broken below the support level 80.00 - CAD/JPY is likely to fall further toward the next sell targets at the support level 79.00 (low of the earlier impulse wave (3), which reversed the pair with the daily Hammer in January) and 78.00.

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