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 target - 112.00

By: Dmitriy Chernovolov

  • USD/JPY reversed from resistance zone
  • Next sell target - 112.00

USD/JPY continues to fall after the earlier downward reversal from the resistance zone lying between the resistance level 115.00 and the 38.2% Fibonacci correction of the previous sharp downward impulse wave (3) from the end of January (as can be seen below). The downward reversal from this resistance zone completed the previous intermediate correction (4), which belongs to the primary impulse wave Ⓒ from the middle of November.

USD/JPY is likely to fall further in the active intermediate impulse wave (5) toward the next sell target at the support level 112.00. If the pair breaks below 112.00 – the price can then be expected to test the next support level 111.00.

Scroll to top