USD/JPY: buy target – 124.00
By: Dima Chernovolov
- USD/JPY reached buy targets 125.00 and 125.50
- Next buy target – 124.00
USD/JPY recently reversed down sharply – after the price reached both of the two buy targets that were set in our previous forecast for this currency pair - 125.00 and 125.50. The latest downward correction from the resistance level 125.50 stopped at the support zone lying between the support level 123.00 and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from the middle of May (as can be seen below).
USD/JPY is likely to rise further – in line with the strong uptrend visible on the daily USD/JPY charts – toward the next buy target 124.00. Strong support remains at 123.00.