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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 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.

JPY
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