USD/JPY: buy target - 118.70
By: Dmitriy Chernovolov
- USD/JPY reversed from support zone
- Next buy target - 118.70
USD/JPY continues to rise after the recent sharp upward reversal from the support zone lying at the intersection of the following support levels – the major long-term support level 116.20 (which has been reversing the price from December of 2014), the lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous weekly upward impulse from the middle of 2014.
The upward reversal from the aforementioned support zone completed the previous minor correction 2 of the intermediate impulse wave (3) from August. USD/JPY is likely to rise further from the current levels toward the next buy target at the resistance level 118.70.