USD/JPY: buy target - 122.50
By: Dmitriy Chernovolov
- USD/JPY reversed from support zone
- Next buy target - 122.50
USD/JPY yesterday reversed up sharply from the support zone located between the price level 120.00 and the 50% Fibonacci Correction of the previous upward price move from last December (as you can see below). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line – standing well outside of the lower daily Bollinger Band – which strengthened this bullish signal.
USD/JPY is likely to rise further - in line with the strong uptrend visible on the daily charts – toward the next buy target at the resistance level 122.50.