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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.

USD/JPY reversed from resistance zone

  • USD/JPY reversed from resistance zone
  • Next sell target - 104.30

USD/JPY today reversed down from the resistance zone lying between the resistance level 104.30 (which also earlier reversed the previous intermediate impulse wave (1) in September, as can be seen from the daily USD/JPY chart below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous primary ABC correction ② from July.

With the daily Stochastic indicator still moving in the overbought zone - USD/JPY is expected to fall down further to the next sell target at the support 103.00. Sell stop-loss can be placed above the aforementioned resistance level 104.30.

JPY
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