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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 - 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.

 

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