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 - 121.00

By: Dmitriy Chernovolov

  • USD/JPY reversed from pivotal support level 118.60
  • Next buy target - 121.00

USD/JPY continues to rise inside the 3rd minor impulse wave – which started previously – when the pair reversed up sharply from the pivotal support level 118.60 (which has been reversing the price from the start of September). The last three upward reversals from this support level created the following Japanese candlestick reversal patterns (highlighted below) – Morning Star, Long-legged Doji and most recently – it created the daily Hammer.

USD/JPY is expected to rise further inside the active minor impulse wave 3 (which is a part of the intermediate impulse wave (5) from the end of August) toward the next buy target at the resistance level 121.00.

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