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 - 122.00

By: Dmitriy Chernovolov

  • USD/JPY reversed from strong support level 116.00
  • Next buy target - 122.00

USD/JPY recently reversed up sharply from the powerful support level 116.00 – which also previously reversed the minor ABC correction 4 in January, as you can see from the daily USD/JPY chart below. The upward reversal from this support level completed the previous intermediate ABC correction (4) from the start of June – starting the active intermediate impulse wave (5).

Having recently broken above the resistance level 120.500 - USD/JPY is likely to rise further in the active impulse wave (5) toward the next buy target at 122.00. Buy stop-loss can be placed below the support level 120.50.

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