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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.

NZD/JPY: sell target - 76.00

By: Dmitriy Chernovolov

  • NZD/JPY reversed from resistance zone
  • Next sell target - 76.00

NZD/JPY continues to fall after the earlier sharp downward reversal from the resistance zone lying between the pivotal resistance level 77.90 (which also previously stopped the earlier minor correction A at the start of March, as can be seen below), the upper daily Bollinger Band and the 50% Fibonacci correction of the previous sharp intermediate impulse wave (1) from December.

The downward reversal from the aforementioned resistance zone completed the previous ABC correction (2). NZD/JPY is likely to fall in the active intermediate impulse wave (3) toward the next sell target at the support level 76.00.

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