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 reversed from long-term support level 73.20

By: Dmitriy Chernovolov

  • NZD/JPY reversed from long-term support level 73.20
  • Next buy target – 74.60

NZD/JPY recently reversed up sharply from the long-term support level 73.20, which is the lower boundary of the strong support zone which has been repeatedly reversing this currency pair from the end of last October (as can be seen from the daily NZD/JPY chart below). The upward reversal from the support level 73.20 stopped the active intermediate impulse wave (3) from the end of March.

With the daily Stochastic still moving in the oversold area - NZD/JPY is likely to rise further from the current levels toward the next buy target at the resistance level 74.60 (top of the aforementioned support zone).

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