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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 reached buy target 74.60

  • NZD/JPY reached buy target 74.60
  • Next buy targets - 75.00 and 76.00

NZD/JPY recently reversed up from the support zone lying between the support level 73.20 and the lower daily Bollinger Band. The upward reversal form this support zone started the active minor corrective wave (ii). The price recently reached the resistance level 74.60 (previous buy target set in our earlier forecast for this currency pair).

If the pair breaks through the resistance level 74.60 - NZD/JPY can then rise to the next buy targets at the resistance levels 75.00 and 76.00 (standing close to the 61.8% Fibonacci correction of the previous downward impulse from the end of March).

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