USD/JPY: sell target - 117.50
By: Dmitriy Chernovolov
- USD/JPY reached buy target 118.70
- Next sell target - 117.50
USD/JPY continues to decline after the recent sharp downward reversal from the resistance zone lying between the resistance level 118.70 (previous strong support from September and October and the earlier buy target set previously for this currency pair) and the 38.2% Fibonacci correction of the previous sharp downward impulse wave C from the pivotal resistance level 123.50.
USD/JPY is likely to fall further toward the next sell target at the support level 117.50 (standing midway between the resistances level 118.70 and the powerful support level 116.20, which reversed earlier waves A and (4), as can be seen below).