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.

USD/JPY rising inside primary impulse wave ③

  • USD/JPY rising inside primary impulse wave ③
  • Next buy target - 104.00

USD/JPY continues to rise inside the primary impulse wave ③ - which started in the middle of August – when the pair reversed up from the support zone lying between the round support level 100.00 (previous sell target set in our earlier forecast for this currency pair, which also reversed USD/JPY sharply in June and July) and the lower daily Bollinger Band.

The pair is currently approaching the resistance level 102.65 (top of the previous intermediate (B)-wave). If the price breaks above the resistance level 102.65 - USD/JPY can then be expected to rise further to the next resistance level 104.00 (intersecting with the resistance trendline of the daily down channel from January).


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