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 broke resistance level 74.60

By: Dmitriy Chernovolov

  • NZD/JPY broke resistance level 74.60
  • Next buy targets – 76.200

NZD/JPY recently rose sharply – breaking through the resistance level 74.60, which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level intensified the bullish pressure on this currency pair – accelerating the active upward correction, which started earlier – when the price reversed up from the major support level 73.20 (which has been reversing the price from March, as can be seen below).

NZD/JPY is likely to rise further toward the next buy target at the resistance level76.200 (61.8% Fibonacci correction of the previous sharp downward impulse from the end of March). Strong support remains at 73.20.

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