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 - 124.40

By: Dmitriy Chernovolov

  • USD/JPY reached buy target 122.50
  • Next buy target - 124.40

USD/JPY continues to rise after the price earlier broke through the resistance level 122.50, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level coincided with the breakout of the resistance trendline of the daily down channel from the start of June. This double breakout accelerated the active minor impulse wave 3 – which started earlier this month.

USD/JPY is likely to rise further in the active impulse wave toward the next buy target at the resistance level 124.40 (which reversed the (b)-wave of the previous minor correction 2).

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