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 from support zone

  • USD/JPY reversed from support zone
  • Next buy targets - 102.20 and 103.00

USD/JPY continues to rise after the earlier upward reversal from the support zone lying between the powerful support level 100.00 (previous sell target set in our earlier forecast for this currency pair) and the lower daily Bollinger Band. The support level 100.00 also previously reversed the earlier waves (B), (1) and B, as can be seen from the daily USD/JPY chart below.

Given the strength of the support level 100.00 and the oversold reading on the daily Stochastic indicator - USD/JPY can be expected to rise further toward the next buy targets at the resistance levels 102.20 and 103.00

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