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 - 122.50

By: Dmitriy Chernovolov

  • USD/JPY reversed from pivotal support level 121.00
  • Next buy target - 122.50

USD/JPY continues to rise after the recent upward reversal from the support zone lying between the pivotal support level 121.00 (former strong resistance from September and October), the 38.2% Fibonacci correction of the previous sharp upward impulse wave 1 from the middle of August and the lower daily Bollinger Band. The upward reversal from this support zone created the daily Morning Star piercing the lower daily Bollinger Band (strong bullish signal).

USD/JPY is likely to rise further to the next buy target at the resistance level 122.50 (former strong support which reversed previous waves (iv) and (a) in November, as you can see below).

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