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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: buy targets – 123.00 and 124.00

By: Dima Chernovolov

  • USD/JPY reached buy targets - 120.50 and 121.70
  • Next buy targets – 123.00 and 124.00.

USD/JPY today broke sharply above the major, multi-month resistance level 121.70 (previous buy target, which earlier stopped the sharp impulse waves (3) and 1 in December and March respectively). The breakout of the resistance level 121.70 continues the active minor impulse wave 3 – which previously broke through the resistance level 120.50 (the second buy target set in our previous forecast for this currency pair). The breakout of the resistance level 121.70 should accelerate the bullish momentum in the coming trading sessions.

USD/JPY is likely to rise further inside the active impulse wave 3 toward the next 2 buy targets at the resistance levels 123.00 and 124.00.

JPY
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