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 - 114.00

By: Dmitriy Chernovolov

  • USD/JPY reversed from major support level 111.00
  • Next buy target - 114.00

USD/JPY continues to rise inside the minor corrective wave (ii) – which started earlier, when the pair reversed up from the major support level 111.00 (which reversed previous waves 3 and (b), as can be seen from the daily USD/JPY chart below). The support zone near the support level 111.00 was strengthened by the lower daily Bollinger Band.

Given the clear bullish divergence that can be seen 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 114.00 (which has been reversing the price from the start of this month).

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