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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.

CAD/JPY rising inside intermediate ABC correction (4)

  • CAD/JPY rising inside intermediate ABC correction (4)
  • Next buy target - 83.00

CAD/JPY continues to rise inside the C-wave of the intermediate ABC correction (4) from the end of June. The active C-wave earlier broke through the powerful resistance level 80.00 (former strong support from January and February, which also earlier reversed the previous A-wave). The breakout of the resistance level 80.00 accelerated the active impulse wave C.

CAD/JPY is currently trading close to the pivotal resistance level 81.70 (low of the previous (B)-wave). If the pair breaks above 81.70 - CAD/JPY can then be expected to rise further to the next resistance level 83.00 (target price for the completion of wave (4)).

 

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