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 – 124.20

By: Dima Chernovolov

  • USD/JPY reversed from support zone
  • Next buy target – 124.20

USD/JPY recently corrected down after the pair reached the resistance level 124.00, which was set as the buy target in our previous forecast for this currency pair. The latest downward correction from 124.00 stopped at the combined support zone lying between the support level 122.50 (which also previously reversed the price 4 times in this month), the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous impulse wave (iii).

USD/JPY is likely to rise further from the current levels toward the next buy target at the resistance level 124.20. Buy stop-loss can be placed below the aforementioned support level 122.50.

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