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 falling inside minor (b)-wave

  • CAD/JPY falling inside minor (b)-wave
  • Next sell target - 76.00

CAD/JPY continues to fall inside the minor (b)-wave which started earlier – when the pair reversed down from the resistance zone lying between the pivotal resistance level 80.00 (former major support level which has been reversing the price from January, as can be seen below) and 50% Fibonacci correction of the previous sharp downward impulse wave from the end of June.

CAD/JPY is expected to fall further in the active (b)-wave toward the next sell target at the support level 76.00 (which stopped the earlier minor impulse wave 3 in June). Strong resistance remains at 80.00.

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