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.