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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 targets - 124.30 and 125.50

By: Dmitriy Chernovolov

  • USD/JPY reversed from support zone
  • Next buy targets - 124.30 and 125.50

USD/JPY continues to rise after the recent upward reversal from the support zone lying between the support level 123.00 and the 38.2% Fibonacci Correction of the previous sharp (a)-wave from the start of July (which broke the previous daily down channel from June). The upward reversal from this support area created the daily Japanese candlesticks reversal pattern Piercing Line (highlighted below).

USD/JPY is expected to rise further from the current levels toward the next buy targets at 124.30 (top of wave (a)) and 125.50 (this level reversed previous impulse 1).

JPY
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