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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 falling inside B-wave

  • CAD/JPY falling inside B-wave
  • Next sell target – 77.00

CAD/JPY has been falling sharply in the last few trading sessions inside the minor B-wave of the intermediate ABC correction (2) from June. The active B-wave started earlier – when the pair reversed down from the resistance zone lying between the resistance level 81.70 and the 50% Fibonacci correction of the previous sharp downward impulse wave (1) from April.

The pair earlier broke the pivotal support level 80.00 – which accelerated the active B-wave. CAD/JPY is likely to fall further toward the next sell target at the support level 77.00 (which reversed the (b)-wave of the previous wave A).

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