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 continues daily downtrend

  • NZD/JPY continues daily downtrend
  • Next sell target - 72.00

NZD/JPY has been falling in the last few trading sessions inside the minor impulse wave (iii), which belongs to the impulse wave 3 of the intermediate downward impulse (3) from March. The active impulse wave 3 started earlier in July – when the pair reversed down from the resistance zone lying between the resistance level 76.60, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from December.

NZD/JPY is likely to fall to the next sell target at the support level 72.00 (which reversed the previous (b)-wave at the start of July, as can be seen below).


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