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 targets - 74.00 and 73.10

By: Dmitriy Chernovolov

  • NZD/JPY reached sell target 74.50
  • Next sell targets - 74.00 and 73.10

NZD/JPY recently reached the support level 74.50, which was set as the sell target in our previous forecast for this currency pair. The price earlier reversed down strongly from the 50% Fibonacci correction of the previous sharp minor impulse wave 1 from the start of February. The downward reversal from this retracement level started the active minor impulse wave 3, which belongs to wave (3) of the primary downward impulse wave ③ from December.

If the pair breaks below the support level 74.50 - NZD/JPY, will, then, most likely, fall to the next sell targets at the support levels 74.00 and 73.10 (which reversed the pair sharply in February and in last August).

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