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: sell targets - 117.00 and 116.20

By: Dmitriy Chernovolov

  • USD/JPY broke pivotal support level 118.60
  • Next sell targets - 117.00 and 116.20

USD/JPY today broke below the pivotal support level 118.60 (which has been reversing the price from the end of August, as you can see below). This support level also reversed the pair multiple times in March and April of last year. The breakout of the support level 118.60 accelerated the active (c)-wave of the minor ABC correction 2 from the middle of November.

USD/JPY is likely to fall further in the active waves (c) and 2 toward the next sell target at the support level 117.00 – the breakout of which can lead to further losses toward the next major support level 116.20 (which reversed the previous intermediate ABC correction (4) in August).

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