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 - 125.00 and 125.50

By: Dima Chernovolov

  • USD/JPY reversed from support zone
  • Next buy targets - 125.00 and 125.50

USD/JPY continues to rise after the recent upward reversal from the support zone lying between the support level 123.80 and the former resistance trendline of the wide daily up channel from last year – acting as support now after it was broken earlier last month (as you can see from the daily USD/JPY chart below). The price is likely to continue to rise from the current levels inside the active minor impulse wave 3 from March.

USD/JPY is set to rise further toward the next buy targets at the resistance levels 125.00 (which reversed the pair at the start of this month) and 125.50.

Scroll to top