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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 - 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.

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