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: buy targets - 76.80 and 78.00

By: Dmitriy Chernovolov

  • NZD/JPY reversed from strong support zone
  • Next buy targets - 76.80 and 78.00

NZD/JPY recently reversed up sharply from the strong support zone lying between the support levels 74.40 and 73.20. This support zone earlier reversed the previous waves ①, (1) and 1, as can be seen from the daily NZD/JPY chart below. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Morning Star – the middle candle of which is also the Japanese candlesticks reversal pattern – Hammer.

Given the strength of the aforementioned support zone - NZD/JPY is likely to rise further from the current levels toward the next buy targets at the resistance levels 76.80 and 78.00.

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