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 reversed form resistance zone

  • USD/JPY reversed form resistance zone
  • Next sell target - 100.00

USD/JPY continues to decline inside the minor impulse wave 3 – which started previously – wine the pair reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance zone lying between the resistance level 103.00 and the upper resistance trendline of the extended daily down channel from the end of January.

The active impulse wave 3 belongs to the intermediate impulse wave (3) of the primary downward impulse ③ from July. USD/JPY is expected to fall down further to the next strong support level 100.00 (which reversed four previous waves ①, (B), (1), B, as can be seen below).

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