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 reached buy target 76.200

By: Dmitriy Chernovolov

  • NZD/JPY reached buy target 76.200
  • Next buy target – 78.00

NZD/JPY continues to rise inside the minor ABC correction 2 – which earlier broke through the resistance level 76.200, which was set as the buy target in our previous forecast for this currency pair. The breakout of the resistance level 76.20 is likely to accelerate the active (c)-wave – which started earlier, when the price reversed up from the support level 74.60, which is the upper boundary of the strong support zone which has been reversing the pair from January.

NZD/JPY is likely to rise further toward the next buy target at the resistance level 78.00, which reversed earlier waves A and (2), as can be seen below.

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