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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 - 115.00

By: Dmitriy Chernovolov

  • USD/JPY rising inside minor correction 2
  • Next buy target - 115.00

USD/JPY continues to rise inside the second minor correction 2 – which started earlier – when the pair reversed up with the daily Japanese candlesticks reversal pattern Morning Star from the support zone lying between the support levels 112.00 (previous sell target set in our earlier forecast for this currency pair) and 111.00 (which stopped the earlier impulse wave (1)).

Given the clear bullish divergence visible on the daily Stochastic indicator - USD/JPY can be expected to rise further from the current levels toward the next buy target at the resistance level 115.00 (target price for the termination of the active wave 2).

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