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.

CAD/JPY approaching resistance level 82.00

  • CAD/JPY approaching resistance level 82.00
  • Next buy target - 83.00CAD/JPY continues to rise inside the minor corrective wave (iv), which started earlier, when the pair reversed up from the major round support level 80.00 (which also previously reversed the earlier impulse waves 5 and (a), as can be seen from the daily CAD/JPY chart below). The support zone near the support level 80.00 was strengthened by the lower daily Bollinger Band.

CAD/JPY is currently approaching the resistance level 82.00 (former strong support from April and May). If the pair breaks this resistance level - CAD/JPY can then rise to the next buy target at 83.00 (38.2% Fibonacci correction of the earlier downward impulse from April).

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