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 - 124.00 and 125.00

By: Dmitriy Chernovolov

  • USD/JPY reached buy target 123.00
  • Next buy targets - 124.00 and 125.00

USD/JPY opened this week with the upward gap – following the earlier sharp breakout of the resistance level 123.00, which was set in our previous forecast as the buy target for this currency pair. The breakout of this resistance level follows the earlier breakout of the two resistance levels 121.00 and 122.00 – each of which accelerated the active minor impulse wave 3 – which belongs to the 5th intermediate impulse wave (5) from the end of August, as you can see below.

USD/JPY is likely to rise further to the next buy target at the resistance level 124.00 – the breakout of which can lead to further gains toward 125.00.

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