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 - 123.00

By: Dmitriy Chernovolov

  • USD/JPY reached buy target 121.00
  • Next buy target - 123.00

USD/JPY continues to rise after the recent breakout of the pivotal resistance level 121.00 (which has been repeatedly reversing this currency pair from the start of September and which was set in our previous forecast as the buy target for this currency pair). The breakout of this resistance level accelerated the active minor impulse wave (iii) – which belongs to the 3rd minor impulse wave 3 of the 5th intermediate impulse wave (5) from August.

USD/JPY is currently approaching the resistance level 122.00. If the price breaks this resistance level – the pair can then rise to the next buy target at the next resistance level 123.00 (previous low of the earlier (b)-wave).


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